NEW YORK, Dec. 27, 2013 (GLOBE NEWSWIRE) -- Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, today announced the successful placement of a $75 million catastrophe bond transaction for American Modern Insurance Group, Inc. "American Modern", a diversified specialty short-tail lines carrier and fully-owned indirect subsidiary of Munich Re.
The transaction, which closed on December 23, provides American Modern with $75 million of fully collateralized protection against U.S. Named Storms for a three-year risk period. The structure features an indemnity trigger on a per occurrence basis.
Tony Ursano, CEO, Willis Capital Markets & Advisory said: "Investors were eager to support a new sponsor to the market. The transaction was substantially oversubscribed and pricing ended up well below the initial price guidance. We are pleased to have been chosen to work on this transaction and deliver world class execution for American Modern."
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With roots dating to 1828, Willis operates today on every continent with more than 17,500 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world's leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.
About Willis Capital Markets & Advisory
Willis Capital Markets and Advisory is a trade name used by Willis Securities, Inc., a member of the Willis Group and a registered broker-dealer with the U.S. Securities and Exchange Commission and member of FINRA and SIPC.
This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy, or, except with respect to an accompanying confirmation of transaction sheet, as a confirmation of terms of the purchase or sale of, any security. The information contained herein is as of this date only, is subject to change and does not contain all information necessary to adequately evaluate an investment in any financial instrument. Information contained in this communication may not reflect information known to other employees in any other business areas of Willis Group and its affiliates.
All the securities referred to herein having been sold, this announcement is a matter of record only. This communication does not constitute an offer to sell or the solicitation of an offer to buy the securities mentioned herein in any jurisdiction in which such an offer or solicitation is illegal. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act.
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Source: Willis Group Holdings