Queen Street Re VIII also covers Australian cyclones
Munich Re has issued $75m of US storm cat bonds through GC Securities.
The cat bond is called Queen Street Re VIII, and takes the form of principal-at-risk notes.
These notes five two-and-a-half years of per occurance cover for named storms affecting the US, as well as 2.9 years of per occurance protection for cyclones affecting Australia.
GC Securities served as sole bookrunner on Queen Street Re VIII. GC Securities has raised $500m of catastrophe bond protection for Munich Re since 2011 through the offering of five of the eight Queen Street catastrophe bonds issued.