Willis Capital Markets & Advisory Completes $75 million Queen City Re Cat Bond for American Modern Insurance
New York, NY December 27, 2013 - Willis Capital Markets & Advisory (WCMA), part of Willis Group
Holdings (NYSE: WSH), the global risk adviser, insurance and reinsurance broker, today announced the successful placement
of a $75 million catastrophe bond transaction for American Modern Insurance Group, Inc. "American Modern", a
diversified specialty short-tail lines carrier and fully-owned indirect subsidiary of Munich Re.
The transaction, which closed on December 23, provides American Modern with $75 million of fully collateralized protection
against U.S. Named Storms for a three-year risk period. The structure features an indemnity trigger on
a per occurrence basis.
Tony Ursano, CEO, Willis Capital Markets & Advisory said: "Investors were eager to support a new sponsor
to the market. The transaction was substantially oversubscribed and pricing ended up well below the initial
price guidance. We are pleased to have been chosen to work on this transaction and deliver
world class execution for American Modern."
Willis Group Holdings plc is a leading global risk advisor, insurance and reinsurance broker. With
roots dating to 1828, Willis operates today on every continent with more than 17,500 employees in
over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional
services in risk management and transfer. Our experts rank among the world's leading authorities on analytics,
modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information
at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking
news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with
resilience for a risky world.
About Willis Capital Markets & Advisory
Willis Capital Markets and Advisory is a trade name used by
Willis Securities, Inc., a member of the Willis Group and a registered broker-dealer with the U.S.
Securities and Exchange Commission and member of FINRA and SIPC.
This communication should not be regarded as an offer to sell or as a solicitation of an
offer to buy, or, except with respect to an accompanying confirmation of transaction sheet, as a
confirmation of terms of the purchase or sale of, any security. The information contained herein is
as of this date only, is subject to change and does not contain all information necessary
to adequately evaluate an investment in any financial instrument. Information contained in this communication may not
reflect information known to other employees in any other business areas of Willis Group and its
All the securities referred to herein having been sold, this announcement is a matter of record only.
This communication does not constitute an offer to sell or the solicitation of an offer to
buy the securities mentioned herein in any jurisdiction in which such an offer or solicitation is
illegal. The securities mentioned herein have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or
sold in the United States except pursuant to an exemption from the registration requirements of the