GC Securities, a division of MMC Securities Corp., has placed the Series 2011-1 Class A and B Notes with notional principal at $201.8 million through an existing catastrophe bond shelf program called Johnston Re Ltd.

The deal is for the benefit of the North Carolina Joint Underwriting Association (NCJUA) and the North Carolina Insurance Underwriting Association (NCIUA). This is the third consecutive year that the NCJUA and the NCIUA have used cat bonds to manage its hurricane risk.

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