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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.


  • SCI Start the Week - 20 April

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

    Pipeline The number of deals joining the pipeline was steady last week, with more RMBS than the wee...

    News    20 April 2015
  • ILS president recruited

    TigerRisk Partners has hired Tony Ursano as president. In his new role, he will seek to help grow th...

    Job Swaps    17 April 2015
  • ILS pair named co-ceos

    Willis Group has promoted Rafal Walkiewicz and Michael Guo to co-ceos to lead Willis Capital Markets...

    Job Swaps    16 April 2015
  • Rival bid made for PartnerRe

    EXOR has submitted a written proposal to the board of directors of PartnerRe to acquire 100% of the...

    Job Swaps    15 April 2015
  • SCI Start the Week - 13 April

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

    PipelineSeveral deals were added to the pipeline last week as the market started up again after the...

    News    13 April 2015
  • ILS diversification predicted

    ILS market participants expect a further diversification away from traditional catastrophe bonds, wi...

    News Round-up    13 April 2015
  • Montpelier Re acquired

    Endurance Specialty Holdings is set to acquire Montpelier Re Holdings for a consideration of 0.472 s...

    Job Swaps    1 April 2015
  • Non-traditional cat coverage enhanced

    BMS Capital Advisory has appointed Steve Korducki evp of BMS Intermediaries, serving as general secu...

    Job Swaps    31 March 2015
  • North America ceo named

    JLT Re has appointed Ed Hochberg as ceo of JLT Re in North America. Hochberg was previously global h...

    Job Swaps    30 March 2015
  • SCI Start the Week - 30 March

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

    PipelineThe pace of deals joining the pipeline slowed slightly last week. At the final count there w...

    News    30 March 2015
  • Risk transfer head brought aboard

    Willis Group has appointed Marc Paasch as global head of alternative risk transfer (ART) solutions....

    Job Swaps    24 March 2015
  • ILS manager poaches marketing director

    Adam Maloney has joined Elementum Advisors as director of marketing and investor relations. He will...

    Job Swaps    24 March 2015
  • SCI Start the Week - 23 March

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

    Pipeline The pipeline saw a variety of deals added last week, including four ILS. There were also f...

    News    23 March 2015
  • ILS budget boost examined

    The UK Chancellor George Osborne's plan to make the country an international hub for ILS (SCI 19 Mar...

    News Round-up    23 March 2015
  • IG rating for Kizuna cat bond

    S&P has preliminarily assigned its first investment grade rating - of triple-B min...

    News Round-up    20 March 2015
  • ILS gets Budget boost

    In its 2015 Budget, the UK government announced that it will work with the industry and regulators t...

    News Round-up    19 March 2015
  • SCI Start the Week - 16 March

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

    Pipeline The pipeline saw a mix of new entrants last week. Of the newly-announced deals, six ABS, f...

    News    16 March 2015
  • ILS unit strengthened

    Credit Suisse Asset Management (CSAM) has appointed David Grill to help explore methods for expansio...

    Job Swaps    13 March 2015
  • Rising tide

    Cat bond trading eyed ahead of hurricane season

    The ILS market benefitted from a relatively strong January, driven by customary early-year adjustmen...

    News Analysis    11 March 2015
  • Pension risk transfer head named

    Prudential Retirement has appointed Scott Kaplan as head of its pension risk transfer team. He will...

    Job Swaps    10 March 2015
  • Fast-track ILS framework introduced

    The Isle of Man Insurance and Pensions Authority has introduced a regulatory framework for insurance...

    News Round-up    10 March 2015