Willis Completes $200 million ‘Golden State Re’ Cat Bond for State Fund

December 12, 2011

Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings, announced it has structured and placed a $200 million catastrophe bond transaction for the California State Compensation Insurance Fund. The Golden State Re Ltd. transaction is the first cat bond designed exclusively to protect a portfolio of workers’ compensation exposures.

The transaction, which closedon Dec. 8, and expires in early 2015, provides the State Fund with $200 million of multi-year, fully collateralized protection against workers’ compensation claims as a result of U.S. earthquakes. Coverage is on a per-occurrence basis and the transaction features a modeled loss trigger which provides the State Fund with a relatively rapid payout post-event.

Willis Group through its subsidiaries delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world

Was this article valuable?

Here are more articles you may enjoy.