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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.


  • CATCo acquisition completed

    Markel has completed the purchase of CATCo Investment Management's assets, which will now operate un...

    Job Swaps    9 December 2015
  • Investment policy revised

    Blue Capital Global Reinsurance Fund is set to revise its investment policy and modify the performan...

    Job Swaps    8 December 2015
  • MultiCat losses likely

    S&P has lowered to single-D from triple-C minus its rating on MultiCat Mexico series 2012-I...

    News Round-up    8 December 2015
  • SCI Start the Week - 7 December

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

    Pipeline Several deals joined the pipeline in the first week of December. The final count consisted...

    News    7 December 2015
  • SCI Start the Week - 30 November

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

    Pipeline The pace of pipeline additions slowed last week due to Thanksgiving. The final count consi...

    News    30 November 2015
  • Ratings withdrawn on 'lack of interest'

    S&P has withdrawn its ratings on all notes, except one, issued by Ballantyne Re. The agency...

    News Round-up    26 November 2015
  • JLT partner relocates

    Nick Duffin has transferred from JLT Re's London office to join JLT Bermuda as a partner. He joined...

    Job Swaps    25 November 2015
  • SCI Start the Week - 23 November

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

    Pipeline Last week it was RMBS and CMBS which dominated the pipeline's additions. In contrast to th...

    News    23 November 2015
  • PartnerRe deal approved

    Shareholders of PartnerRe have voted to approve EXOR's proposed acquisition of the firm, edging the...

    Job Swaps    20 November 2015
  • Leadenhall brings in two

    Leadenhall Capital Partners has made two new hires to bolster its portfolio management team. Joel Mi...

    Job Swaps    20 November 2015
  • Insurance merger progresses

    Willis Group has urged its shareholders and shareholders of Towers Watson to vote in favour of the p...

    Job Swaps    16 November 2015
  • Catastrophe agreement extended

    State National Companies has extended its partnership with Nephila Capital. In exchange for the cont...

    Job Swaps    16 November 2015
  • SCI Start the Week - 16 November

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

    Pipeline Last week's pipeline additions were skewed to ABS and CMBS. There were nine of the former...

    News    16 November 2015
  • Duo step up to lead ILS firm

    Tokio Solution Management has appointed Susan Lane and Tsuyoshi Harigai as co-ceos, effective from 1...

    Job Swaps    13 November 2015
  • PCC unveiled for ILS push

    The Government of Gibraltar has announced legislation that provides a new form of protective cell co...

    News    13 November 2015
  • Credit assessment standards proposed

    The EBA, EIOPA and ESMA have jointly published two draft implementing technical standards (ITS) on c...

    News Round-up    12 November 2015
  • UK ILS legislation underway

    HM Treasury's announcement that it has begun the legislative process for introducing a UK I...

    News Round-up    11 November 2015
  • Premier strengthens ILS issuer ties

    Premier Diversified Holdings has acquired 158,000 common shares of Sequant Re Holdings for US$316,00...

    Job Swaps    9 November 2015
  • SCI Start the Week - 9 November

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

    Pipeline The pipeline continued to grow last week as a raft of new deals were announced. In total t...

    News    9 November 2015
  • Trigger event for cat bond?

    The class C notes of MultiCat Mexico Series 2012-I have been downgraded from single-B minus to tripl...

    News Round-up    6 November 2015
  • SCI Start the Week - 2 November

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

    Pipeline The number of deals joining the pipeline and staying there grew again last week. In total...

    News    2 November 2015