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JLT Re unit closes private cat bond

Jardine Lloyd Thompson Capital Markets Inc., a unit of JLT Re (North America) Inc., closed private catastrophe bond Market Re 2017-2 weather at $14.5 million.

The reinsurance broker said the bond provides single year parametric-based collateralized retrocession coverage for warm-weather winters across Europe, but it did not identify the cedent. Artemis said there was a "good chance" that some of the risk being transferred through this bond is linked to risk retained by Allianz Risk Transfer under its partnership with weather risk specialist insurance-linked securities fund manager Nephila Capital.