Catastrophe bond issuer Long Point Re III has issued a catastrophe bond worth $250 million, according to a release from GC Securities, which structured the deal. The shop was also a joint bookrunner with Swiss Re Capital Markets. BNP Paribas and Aon Benfield Securities acted as co-managers.

Rated ‘BB+(sf)’ from Standard & Poor’s, the transaction is the first in the capital market to provide Travelers protection from using an indemnity-based trigger.

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