MTA looks to renew storm surge cat bond

New York's Metropolitan Transportation Authority (MTA) is
looking to renew its cat bond cover after its previous
insurance-linked securities (ILS) protection lapsed midway through
2016, sister publication Trading Risk
reported.
The organisation is seeking $125mn of reinsurance protection
from a new MetroCat Re 2017-1 cat bond, according to sources. The
deal is being sponsored by the MTA's captive insurer First
Mutual Transportation Assurance Company, in its second ILS deal
following a 2013 cat b