Guy Carpenter & Company LLC has announced that it has completed a $180 million single class note issuance from a 144A catastrophe bon program, Foundation Re III Ltd. Foundation Re III Ltd. is a Cayman Islands exempted company that is licensed as a Class B insurer for the benefit of Hartford Fire insurance Company and certain affiliates and subsidiaries. The catastrophe bond uses a state weighted per occurrence PCS index trigger structure from insured losses reported by PCS due to a hurricane event with adjustments in the state weights from Florida and New York, depending on where a hurricane event takes place. The Foundation will refinance the $180 million provision for the Hartford against hurricane events that affect the East Coast and Gulf of the United States from Texas to Maine.
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Guy Carpenter & Company, LLC is the world’s leading risk and reinsurance specialist and a part of the Marsh & McLennan Companies. With over 50 offices worldwide, Guy Carpenter creates and executes reinsurance solutions and delivers capital market solutions* for clients across the globe. The firm’s full breadth of services includes line of business expertise in Agriculture; Aviation; Casualty Clash; Construction and Engineering; Excess and Umbrella; Life, Accident and Health; Marine; Medical Professional Liability; Political Risk and Trade Credit; Professional Liability; Property; Retrocessional Reinsurance; Surety; Terrorism and Workers Compensation. GCFac® is Guy Carpenter’s dedicated global facultative reinsurance unit that provides placement strategies, timely market access and centralized management of facultative reinsurance solutions. In addition, Guy Carpenter’s Instrat® unit utilizes industry-leading quantitative skills and modeling tools that optimize the reinsurance decision-making process and help make the firm’s clients more successful. Guy Carpenter’s website address is www.guycarp.com.
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