Mayer Brown, a leading global law firm, advised the issuer on the transaction named 2014 “Transaction of the Year (Non-Life)” by Trading Risk at its annual awards ceremony, which acknowledges exceptional work in the (re)insurance convergence market. Five insurance-linked securities transactions completed in the last year were nominated for this award. Mayer Brown advised on four of the five nominated transactions.

On the honored transaction, lawyers from Mayer Brown’s Global Insurance Industry Group advised MetroCat Re Ltd., as issuer, in the structuring of a first-of-its-kind catastrophe bond offering that funded insurance for New York’s Metropolitan Transportation Authority (MTA) covering losses in the event of a storm featuring destructive storm surges. The transaction broke new ground in the insurance-linked securities markets by introducing a novel catastrophe bond structure tied to the peril of storm surge, and it provides the MTA with $200 million of insurance coverage for the next Superstorm Sandy-like event—coverage that was simply unavailable in the traditional insurance market. The MTA also received the "Sponsor of the Year" award from Trading Risk.

The Mayer Brown team included partners Stephen Rooney, Richard Spitzer (both New York), Stephen Walsh (London) and George Craven (Chicago), and associates Richard Pan, Tareah Ikharo (both New York), Angeli Sunmonu (London) and Steven Garden (Chicago).

Trading Risk is a leading publication reporting on all aspects of the convergence of the insurance and capital markets.