Citi Agency & Trust Named Trustee on Catastrophe Bond for the California Earthquake Authority
New York - September 28, 2011 – Citigroup today announced that its Agency and Trust Services business, acting through Citibank, N.A., has been named Indenture Trustee on the $150MM Embarcadero Reinsurance Ltd. catastrophe bond transaction with the California Earthquake Authority (CEA) as ceding insurer. Embarcadero Re, a Bermuda-based special purpose reinsurance vehicle, will provide the CEA with multi-year, collateralized reinsurance protection against earthquake risk.
According to Alan Smith, Global Head of Issuer Services for Citi, “The California Earthquake Authority bond issue is a first-to-market transaction for the Insurance-Linked Securities (ILS) market and Citi is pleased to have been named Indenture Trustee. Citi’s extensive experience in corporate trust enabled us to support the innovative solution for this unique and highly successful transaction that fully addressed the CEA’s needs.”
For more information on Citi’s Agency and Trust Services, visit:
Agency and Trust
Agency and Trust is a leading provider of corporate trust services with a unique blend of experience, global reach and superior service. We offer a full range of agency, fiduciary, tender and exchange, loans administration and custody, and depositary and escrow services in both established and emerging markets. Agency and Trust administers in excess of USD5 trillion in fixed-income and equity investments on behalf of 2,800 clients worldwide.
About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Citi, a leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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