One of the insurance-linked securities (ILS) sponsored by financial guarantee and municipal bond specialist Build America Mutual Assurance Company has had its ratings upgraded, while another has been affirmed, as the chance of losses being faced has decreased on quicker than scheduled amortisation of the underlying business.
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Build America Mutual Assurance Company, a financial guarantee specialist established by the National League of Cities with initial capital from White Mountains, has hailed its $100 million Fidus Re Ltd. (Series 2018-1) insurance-linked securities (ILS) transaction as the “first of its kind”.
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In 2018 we see the insurance-linked securities (ILS) market expanding further into new classes of risk, as evidenced by the emergence of a new transaction named Fidus Re Ltd. (Series 2018-1) which is a vehicle for transferring financial guarantee insurance risks to the capital markets.
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