domicile

With Singapore now an active hub for catastrophe bonds and insurance-linked securities (ILS) and with Hong Kong primed to issue its first deal this year, regional sponsor participation can help to ensure their sustainability as ILS domiciles, according to Paul Schultz, Chief Executive Officer (CEO) of Aon Securities.

With the entry of multiple new domiciles to the insurance-linked securities (ILS) arena in recent years, the most important feature of this is the plurality of choice it makes available to sponsors, rather than the chance of subsidies being made available, Mathieu Halm, Head of Retrocession and Strategy at CCR Re explained.

As the insurance-linked securities (ILS) pie continues to expand it’s natural for new jurisdictions to emerge and try to take a slice, but the innovative Bermuda marketplace is expected to maintain its leadership position, according to Ross Webber, Managing Director at independent financial services provider and fund administrator, Apex Group Ltd.

Malta still has ambitions to eventually become a hub for insurance-linked securities activity, according to leaders from local re/insurance industry bodies, but barriers to entry continue to present a significant challenge for the jurisdiction.

Lloyd’s and Bermuda insurance and reinsurance company Neon Underwriting has successfully renewed its UK insurance-linked securities transaction, which is akin to a sidecar, with a slightly enlarged $77 million issuance of notes from the NCM Re (UK PCC) Ltd vehicle.

Insurance-linked securities (ILS) are central to keeping the UK’s insurance and reinsurance industry “at the cutting edge”, the Government says, and the work to bring the recently introduced ILS legislation in the UK is an example of how industry and Government can collaborate, to the benefit of the economy.

The UK Government is set to welcome a group of insurance-linked securities (ILS) investors to Number 11 Downing Street next week, the home of the Chancellor of the Exchequer, as it looks to set out its support for the sector and encourage investors to consider allocating to UK ILS opportunities.

Global provider of corporate, fund and capital market services Intertrust has assisted specialist Lloyd’s and Bermuda insurance and reinsurance company Neon Underwriting in the completion and issuance of the first insurance-linked securities transaction in the UK.

The first insurance-linked securities vehicle to be approved and launched in the UK, the NCM Re (UK PCC) Ltd vehicle from specialist Lloyd’s and Bermuda insurance and reinsurance company Neon Underwriting, has successfully completed the first UK ILS transaction, entering into a $72 million quota-share with Neon’s Syndicate 2468.

Speed-to-market remains the main sticking point for the United Kingdom’s Risk Transformation Regulations 2017 and the Risk Transformation (Tax) Regulations 2017, which constitute the UK’s insurance-linked securities (ILS) regulatory regime, according to law firm Clyde & Co.