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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.


  • Job swaps round-up - 20 October

    Australia Baker McKenzie has recruited Duncan McGrath as a partner in its corporate group in Sydne...

    Job Swaps    20 October 2017
  • Mortgage ILS landmark imminent

    United Guaranty is in the market with Bellemeade Re 2017-1 (see SCI's deal pipeline). The mortgage i...

    News    18 October 2017
  • SCI Start the Week - 16 October

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

    Pipeline Additions to the pipeline last week were heavily skewed towards ABS. There were 20 ABS nam...

    News    16 October 2017
  • Job swaps round-up - 13 October

    Acquisition Navient has entered into an agreement to acquire online student lender Earnest for US$...

    Job Swaps    13 October 2017
  • ILS issuance hits all-time highs

    The insurance-linked securities market has seen a surge in new issuance this year, with 1H17 witness...

    News Analysis    11 October 2017
  • SCI Start the Week - 9 October

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

    Pipeline It was a quieter week for the pipeline, with activity noticeably down on the week before....

    News    9 October 2017
  • Job swaps round-up - 6 October

    North America Roy Guthrie is to succeed JP McNeill - who is transitioning into a long-te...

    Job Swaps    6 October 2017
  • SCI Start the Week - 2 October

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

    Pipeline It was a busy week of comings and goings for the pipeline. At the close of Friday, 11 new...

    News    2 October 2017
  • SCI Start the Week - 25 September

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

    Pipeline Additions to the pipeline last week were fairly broadly split. There were five ABS added,...

    News    25 September 2017
  • SCI Start the Week - 18 September

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

    Pipeline There was greater variety to last week's pipeline additions, with significantly fewer ABS...

    News    18 September 2017
  • Job swaps round-up - 15 September

    EMEA Golden Tree Asset Management has opened an office in Sydney, hiring Russell Taylor as md to l...

    Job Swaps    15 September 2017
  • SCI Start the Week - 11 September

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

    Pipeline There were several additions to the pipeline last week, with ABS accounting for most of th...

    News    11 September 2017
  • SCI Start the Week - 4 September

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

    Pipeline There were relatively few pipeline additions ahead of the Labor Day weekend. The final cou...

    News    4 September 2017
  • Job swaps round-up - 1 September

    EMEA Credit Suisse has hired Constantin Hulst as a CLO structurer to its European CLO origination...

    Job Swaps    1 September 2017
  • Job swaps round-up - 18 August

    North America Redwood Trust has appointed Dashiell Robinson to the newly formed position of evp, o...

    Job Swaps    18 August 2017
  • SCI Start the Week - 14 August

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

    Pipeline Additions to the pipeline last week were balanced between ABS and CMBS. There were five of...

    News    14 August 2017
  • Cat bond issued in blockchain first

    Solidum Re has launched what is believed to be the first-ever catastrophe bond to have been digitise...

    News    8 August 2017
  • Innovative ILS coverage offered

    The IBRD has priced a series of catastrophe bonds that will provide the Mexican Fund for Natural Dis...

    News    7 August 2017
  • Job swaps round-up - 4 August

    North America Hunton & Williams has promoted a pair of litigation lawyers with securitisat...

    Job Swaps    4 August 2017
  • UK ILS hub to drive new issuance, innovation

    The proposed ILS regulatory and tax regime due to come into effect on 1 January 2018 aims to put the...

    News Analysis    3 August 2017
  • SCI Start the Week - 31 July

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

    Pipeline The rate of pipeline additions stayed consistent last week. There were six new ABS, five R...

    News    31 July 2017