Superstorm Sandy damage to MTA NYC Transit system at South St. Ferry (Source: MTAPhotos)

Reinsurance intermediary Guy Carpenter and catastrophe modeling firm Risk Management Solutions say they helped the Metropolitan Transportation Authority sell the first-ever bond to protect against storm surge.

With the bond, the MTA secured $200 million in insurance protection to help pay for damages like those it suffered during Superstorm Sandy last year. Repair costs totaled $4.8 billion from the late October storm.

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