The North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association have completed a $500 million catastrophe-bond transaction to allow greater coverage of risks from named storms, according to GC Securities, which brokered the deal. "The capital markets have uniquely responded to the needs of the NCJUA/NCIUA by providing meaningful and cost-effective annual aggregate capacity while also diversifying and expanding the claims payment capacity of the NCJUA/NCIUA," Cory Anger of GC Securities said in a statement.

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