Aon Capital Markets said it has placed a $225 million catastrophe bond for Newton Re Limited to cover earthquake and hurricane risks.
Aon Capital, the investment arm of Chicago-based insurance broker Aon Corp., explained it made a private placement of the $225 million catastrophe bond for Cayman Island-based Newton Re, a newly created special purpose vehicle. The deal also involved J.P. Morgan Securities in assisting in placing the coverage.
The placements will provide reinsurance coverage to Bermuda-based Catlin Insurance Company Ltd. with fully collateralized catastrophe protection of $87.5 million for U.S. earthquake risk and $137.5 million for U.S. hurricane risk.
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