September 26, 2014 / 10:14 AM / 5 years ago

Willis Group places $250 mln California catastrophe-bond

LONDON, Sept 26 (Reuters) - Willis Capital Markets & Advisory (WCMA), part of Willis Group Holdings said on Friday it had structured and placed a $250 million catastrophe bond deal with California’s largest provider of workplace insurance.

The bond, ‘Golden State Re II’, is the second time the State Compensation Insurance Fund has issued a cat-bond, Willis said in a statement.

The deal, which closed on Sept. 16, provides the fund with fully collateralised protection for workers’ compensation against a California earthquake over slightly more than four years and three months.

Investor demand for the issue had been strong, Willis said, resulting in the size of the deal being increased to $250 million from an initial $150 million. It was priced at the bottom end of an initial 2.2 percent to 2.7 percent range. (Reporting by Simon Jessop; editing by Steve Slater)

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