A new $57 million private catastrophe bond has been launched in Bermuda.

The bond transaction used Willis’ Resilience Re cat bond issuance platform, which was launched in October last year.

It was listed on the Bermuda Stock Exchange (BSX) on December 31 last year and sits under a newly listed Resilience Re insurance-linked securities note programme.

Resilience Re was set up to cover property catastrophe risks by Willis Capital Markets and Advisory, a catastrophe bond, ILS, mergers and acquisitions and investment banking unit of global reinsurance broker Willis.

Willis, which has offices on Pitts Bay Road, Pembroke, officially merged earlier this week with Towers Watson, a professional services company with an office on Par-la-Ville Road, Hamilton.