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Insurance-linked securities

Insurance-linked securities or ILS are single- or multiple-tranche securitisations facilitating the transfer of risk from the insurance sector to the capital markets. This transfer of risk usually references either catastrophe risk or life risk, though there have been securitisations of other insurance risk, such as motor. Catastrophe risk deals involve the transfer from one party to another of natural catastrophe risk, typically from non-life insurers or reinsurers via the capital markets to investors. It is facilitated by a variety of instruments, chief among them are catastrophe bonds or cat bonds; catastrophe risk obligations (CROs), which utilise collateralised debt obligation (CDO) technology to transfer risk to investors in multiple tranches; and industry loss warranty (ILW) based structures. Life risk transfer involves the transfer of longevity, mortality and pandemic risk from one party to another, typically from life insurers or life reinsurers via the capital markets to investors. Chief among the products used in this sector are life securitisations; life settlement securitisation; and longevity and mortality bonds.


  • Bermuda law firm beefs up

    Harneys has recruited corporate and insurance lawyer Michael Skrbic as counsel in its Bermuda office...

    Job Swaps    14 April 2016
  • Cat bond fund launched

    Lombard Odier IM has launched its first catastrophe bond fund, following its recruitment dr...

    News Round-up    13 April 2016
  • Hedging operation

    Debut oprisk ILS prepped

    Credit Suisse is prepping a unique Sfr700m ILS deal. Referred to as OperationalRe, it will utilise c...

    News Analysis    12 April 2016
  • Firms form collateralised ILS fund

    Plenum is launching a new ILS fund to invest in collateralised reinsurance transactions to be source...

    News Round-up    12 April 2016
  • SCI Start the Week - 11 April

    A look at the major activity in structured finance over the past seven days

    Pipeline Pipeline activity picked up again last week. There were 10 ABS additions, as well as an...

    News    11 April 2016
  • Capital markets unit adds DCM director

    Macquarie Capital has appointed Warrick Booth as md in its European debt capital markets team. He wi...

    Job Swaps    7 April 2016
  • Parametric pricing app launched

    Risk Management Solutions (RMS) has launched a new cloud-based app that provides the ability to asse...

    News Round-up    7 April 2016
  • SCI Start the Week - 4 April

    A look at the major activity in structured finance over the past seven days

    Pipeline The week following Easter marked a slow-down in the pace of deals joining the pipeline. At...

    News    4 April 2016
  • ILS lawyer added in NY

    Winston & Strawn has appointed Keith Andruschak to its corporate practice in New York as a p...

    Job Swaps    31 March 2016
  • Everest names risk head

    Everest Re Group has tapped Michael Kerner as its new evp and head of strategy and risk management....

    Job Swaps    31 March 2016
  • Artex makes another acquisition

    Artex Risk Solutions has strengthened its ILS capabilities further by acquiring Hexagon Insurance an...

    Job Swaps    30 March 2016
  • PartnerRe names chairman, ceo

    John Elkann has been appointed as chairman of PartnerRe's board of directors, while Emmanuel Clarke&...

    Job Swaps    29 March 2016
  • Kane sells ILS business

    Artex Risk Solutions is set to acquire Kane's insurance management operations (KIM), with the deal e...

    Job Swaps    22 March 2016
  • SCI Start the Week - 21 March

    A look at the major activity in structured finance over the past seven days

    PipelineThe pipeline was dominated by auto-related ABS entrants last week. A couple of CMBS and RMBS...

    News    21 March 2016
  • UK ILS commitment reiterated

    In its 2016 Budget announcement yesterday, the UK Government reinforced its commitment to establishi...

    News Round-up    17 March 2016
  • ECB suggests regulatory tweaks

    The ECB has suggested changes to the new securitisation package proposed by the European Commission...

    News Round-up    15 March 2016
  • SCI Start the Week - 14 March

    A look at the major activity in structured finance over the past seven days

    Pipeline Last week's pipeline additions were heavily weighted toward ABS. There were seven new ABS,...

    News    14 March 2016
  • ILW platform bolstered

    Stefano Nicolini has joined Beach & Associates as a vp and will be aid in the development of...

    Job Swaps    10 March 2016
  • Securis launches ILS fund

    Securis Investment Partners is launching a fund which will enable investors to participate directly...

    News Round-up    7 March 2016
  • SCI Start the Week - 7 March

    A look at the major activity in structured finance over the past seven days

    Pipeline With many market participants decamped to Las Vegas for the industry conference, pipeline...

    News    7 March 2016
  • Early redemption for TMNF ILS

    An early redemption notice has been posted for the Kizuna Re II series 2015-1 catastrophe bond, indi...

    News Round-up    3 March 2016