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ILS & cat bond issuers exempt from commodity pool designation: CFTC

The U.S. Commodity Futures Trading Commission has issued a letter providing no-action relief to insurance-linked securities (ILS) and catastrophe bond issuers seeking exemption from being treated as a commodity pool operator.The U.S. CFTC ’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued the letter on Friday, providing insurance or read the full article →

U.S. money market fund reforms could impact on catastrophe bonds: S&P

Recent proposals from the U.S. Securities & Exchange Commission (SEC), regarding tightening of money market fund (MMF) regulations, could impact the catastrophe bond and insurance-linked securities market. Most cat bonds, ILS and many collateralized reinsurance transactions utilise money market funds as collateral assets.The proposals from the SEC, made on the read the full article →

SEC approves general solicitation for funds and Rule 144A securities

Yesterday, the U.S. Securities and Exchange Commission (SEC) enacted a rule as part of the Jumpstart Our Business Startups Act, or JOBS Act, which lifts the ban on general solicitation and marketing for investment funds and Rule 144A securities offerings. The change means that these once private offerings can now read the full article →

ILS and cat bond issuers may escape commodity pool designation

Back in October we wrote about an issue that had arisen which could affect issuers of catastrophe bonds and insurance-linked securities due to changing regulation in U.S. financial markets. Under the Dodd-Frank Act the definition of a ‘commodity pool’ was being expanded to include any entity which operates to trade read the full article →

Are insurance linked securities issuers commodity pools under Dodd-Frank?

Once again the changing regulatory environment under Dodd-Frank brings some uncertainty to the insurance-linked securities (ILS) market. The latest stems from the Dodd-Frank Act's expansion of the definition of a 'commodity pool' which can now be read to include any entity which operates to trade in swaps. At the same read the full article →

Capital market capacity could slow the return of a hard market

Property catastrophe rates and reinsurance prices have been rising, particularly in loss affected lines of business, however despite the heavy catastrophe losses of 2011 we're not really seeing the hard market that many predicted. In a recent post on the Willis Group blog Bill Dubinsky of Willis Capital Markets & read the full article →

S&P comment on rating methodology for medical benefit linked securitizations

Standard & Poor's has issued a press release which provides commentary on their approach to rating medical benefit linked securitization transactions such as the Vitality Re Ltd. and Vitality Re II Ltd. deals which were issued on behalf of insurer Aetna. The commentary provides some information on the factors that read the full article →

Secquaero wins ILS transaction of the year award for SQ ReVita life securitization

Swiss based boutique finance and investment house Secquaero Advisors Ltd. has won an award for their successful securitization of  a €60m closed block of existing in-force unit-linked life insurance policies. The SQ ReVita transaction was completed in June this year and was seen as an innovative and secure transaction by read the full article →

Shrinking life reinsurance market to stimulate risk transfer

A new report published by ratings agency Standard & Poor's suggests that the traditional life reinsurance market has been shrinking since 2003 and now participants in this market are seeking new, non-traditional ways to stimulate growth. Another trend which is leading S&P to suggest that non-traditional risk transfer could see read the full article →

Securitization group says don’t forget insurance-related assets in Dodd Frank

An open letter from the American Securitization Forum (ASF) to the U.S. government agencies concerned with the regulation of financial markets and the creation of the Dodd-Frank reforms requests that any new credit risk retention regulations should take into account the needs of niche securitization sectors. One of those niche read the full article →