Willis wins Trading Risk award
by Gill Montia
Story link: Willis wins Trading Risk award
Willis Capital Markets & Advisory (WCMA) has won Trading Risk magazine’s non-life transaction of the year award for its Golden State Re catastrophe bond.
The deal was recognised for its innovation and creativity in the insurance-linked securities market.
As the first catastrophe bond designed exclusively to cover workers’ compensation catastrophe exposure, it introduced a new peril to the market.
In addition, it was recognised for being the first transaction to make exclusive use of the casualty modeling developed for workers’ compensation losses as a result of earthquakes.
The deal also stood out for achieving a risk spread of 3.75%, the lowest seen in 2011, according to Willis.
WCMA chief executive officer, Tony Ursano, commented: “To achieve success in bringing a new peril, model and sponsor to market and then have that achievement recognised by the judges is truly satisfying.”