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.”