May 14th, 2014

Review of GC Securities* Deals

Posted at 1:00 AM ET

Here we review recent deals of GC Securities* from the past six months and featured on GC Capital Ideas:

GC Securities* Completes 144A Indemnity Triggered Europe Windstorm Catastrophe Bond for Assicurazioni Generali S.p.A. : GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of Principal At-Risk Variable Rate Notes, with notional principal at €190,000,000, through a newly formed special purpose reinsurance vehicle domiciled in Ireland, Lion I Re Limited, to benefit Assicurazioni Generali S.p.A., an Italian insurance company and the parent company of the Generali Group. This is the first time that Assicurazioni Generali S.p.A. has utilized the cat bond market and is the first ever 144A cat bond to provide indemnity protection against Europe windstorm risks. Additionally, it is the first Italian sponsored catastrophe bond.

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GC Securities* Completes Catastrophe Bond Queen Street IX Re Limited for Munich Re: GC Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/NFA/SIPC, today announced the placement of the Principal At-Risk Notes, with notional principal of $100,000,000, through a newly formed catastrophe bond, Queen Street IX Re Limited, to benefit Munich Re. This is the ninth Queen Street cat bond to benefit Munich Re, the eighth overall cat bond issuance benefitting Munich Re since 2011 and the first cat bond issuance benefitting Munich Re provided via an Irish special purpose reinsurance vehicle.

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GC Securities* Acts as Sole Financial Advisor on the Second Largest Ever M&A Transaction in the Lloyd’s Market: GC Securities* is acting as sole financial advisor to the shareholders of Canopius Group Limited (”Canopius”) in the sale of Canopius to NKSJ Holdings, through its insurance subsidiary Sompo Japan Insurance Inc. The sale agreement was signed on December 18, 2013 and the transaction is expected to close in the second quarter of 2014, subject to regulatory approval.  Upon closure this will be the second largest ever M&A transaction in the Lloyd’s market.

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*Securities or investments, as applicable, are offered in the United States through GC Securities, a division of MMC Securities Corp., a US registered broker-dealer and member FINRA/NFA/SIPC. Main Office: 1166 Avenue of the Americas, New York, NY 10036. Phone: (212) 345-5000. Securities or investments, as applicable, are offered in the European Union by GC Securities, a division of MMC Securities (Europe) Ltd. (MMCSEL), which is authorized and regulated by the Financial Conduct Authority, main office 25 The North Colonnade, Canary Wharf, London E14 5HS. Reinsurance products are placed through qualified affiliates of Guy Carpenter & Company, LLC. MMC Securities Corp., MMC Securities (Europe) Ltd. and Guy Carpenter & Company, LLC are affiliates owned by Marsh & McLennan Companies. This communication is not intended as an offer to sell or a solicitation of any offer to buy any security, financial instrument, reinsurance or insurance product. **GC Analytics is a registered mark with the U.S. Patent and Trademark Office.

 

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