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Article: GC Securities, a Division of MMC Securities Corp., Announces Completion of 144A Catastrophe Bond - Parkton Re Ltd.
- Article from:
- Investment Weekly News
- Article date:
- August 15, 2009
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Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist, and GC Securities, announced the completion of a $200 million issuance from a new 144A catastrophe bond program, Parkton Re Ltd., a Cayman Islands exempted company, to benefit the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association (collectively the NC JUA/IUA). This program is the first-ever 144A catastrophe bond program to be established for the benefit of a state's residual market pool to manage its hurricane risk.
GC Securities assisted the NC JUA/IUA in securing the transforming reinsurer and facilitating the transfer of the ...
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