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Willis brokerage said its Capital Markets unit has acted as co-lead manager with Lehman Brothers financial services firm in a $100 million notes offering that will collateralize a reinsurance agreement.

The London-based Willis said the notes were issued by Ajax Re Limited as part of a $1 billion shelf program to provide reinsurance protection to Aspen Insurance Limited for California earthquake events. Lehman Brothers acted as sole initial purchaser and bookrunner for the deal.

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