Business News: Swiss Re Capital Markets, Wolters Kluwer

June 6, 2017
Swiss Re Capital Markets Structures and Places $125M Catastrophe Bond for the FMTAC, a Subsidiary of the MTA

Swiss Re Capital Markets has successfully structured and placed the issuance of $125 million of insurance-linked securities by MetroCat Re on behalf of the First Mutual Transportation Assurance Company (FMTAC), a New York State licensed and domiciled captive insurance company and subsidiary of the Metropolitan Transportation Authority (MTA). The transaction is MTA’s second catastrophe bond and covers storm surge resulting from named storms and earthquakes in the New York City metropolitan area.

Swiss Re Capital Markets underwrote the transaction via one class of principal at-risk variable rate notes issued by MetroCat Re Ltd., a Bermuda exempted company licensed and registered as a special purpose insurer under the Bermuda Insurance Act 1978 and related regulations, each as amended.

The $125 million 2017-1 notes have an approximately three-year risk period starting May 23, 2017 and provide protection against storm surge caused by named storms and earthquakes, each on a parametric basis with a binary payout.

Swiss Re Capital Markets acted as the sole structuring agent and lead bookrunner.

The MetroCat Re Ltd. 2017-1 notes were sold pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended (Securities Act) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject, to the registration requirements of the Securities Act and applicable state securities laws.

Wolters Kluwer’s ELM Solutions Offers New Legal Services Request Process

Wolters Kluwer’s ELM Solutions launched a new Legal Service Request application for its Passport Enterprise Legal Management platform. The new offering helps corporate legal departments easily manage and monitor the internal legal service requests they receive from across their organization.

Managing thousands of internal annual legal service requests takes time and resources, and when managed poorly, can lead to missed requests and frustrated colleagues. Using spreadsheets, email, and SharePoint often does not provide required tracking, control and accountability.

Passport Legal Service Request addresses these challenges by providing a central point for intake and storage of all service requests, along with related documentation, and helps resolve requests in a timely manner. It offers to:

  • Increases efficiency and cost effectiveness of legal department operations by expediting request submission, assignment, and reporting.
  • Gives internal requesters a consistent method for requesting services and tracking status so they can focus on their work without the need to chase down outstanding requests.
  • Utilizes Passport’s workflow and automated notifications to enhance collaboration and improve communication between legal staff and internal stakeholders.

Passport’s workflow, document management, rules engine, and other capabilities work together to enhance the Legal Service Request application.

TomTom Telematics Flows Commercial Driving Data to Verisk Data Exchange

Verisk Insurance Solutions, a source of information about property/casualty insurance risk, announced an alliance with TomTom Telematics, a global telematics solution providers. Through the alliance, fleet owners can choose to flow driving data collected by the TomTom Telematics Service Platform with WEBFLEET, the company’s Software-as-a-Service (SaaS) fleet management solution, into the Verisk Data Exchange. This will provide TomTom WEBFLEET subscribers access to fleet insurance benefits and operational safety feedback. Verisk Insurance Solutions is a Verisk Analytics business.

Launched to market in July 2016, the Verisk Data Exchange offers fleet owners and managers the opportunity to contribute their driving data and seamlessly take advantage of participating carriers’ fleet insurance coverage designed to reward safety-conscious fleets.

Verisk reported that its data exchange continues to grow with more than 7 billion miles of driving data having been collected from over 1.5 million vehicles. According to Saurabh Khemka, senior vice president and general manager, Verisk IoT/Telematics, the company processed more than 3.7 million trips a day.

The Verisk Data Exchange is a hub for connected-vehicle and smart-home data. For more information, visit

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