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.
Proceeds of the notes collateralize a reinsurance agreement between Ajax Re Limited and Aspen, Willis said. Loss payments under the reinsurance agreement are triggered by estimated insured property losses as reported by Property Claims Services.
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