mortality bond


RGA explored pandemic risk transfer, including catastrophe bonds

Reinsurance Group of America (RGA) has explored a variety of ways of transferring mortality risks related to pandemics off its books, including capital markets backed instruments such as catastrophe bonds. The life focused reinsurance firm has a significant mortality book, of course, as a result of which pandemics are one of read the full article →

Swiss Re in Vita Capital V mortality cat bond early redemption

Global reinsurance firm Swiss Re has continued its trend of redeeming its series of Vita Capital mortality linked catastrophe bonds, with its $275m 2012 transaction Vita Capital V Ltd. called a year early and investors to be paid a premium of 1%. Swiss Re has regularly redeemed its mortality catastrophe bonds read the full article →

Innovative Benu Capital deal is largest excess mortality ILS since 2007

Insurer AXA Global Life hailed the completion of its new mortality bond issuance Benu Capital Limited as an innovative transaction providing it with capital markets backed collateralized mortality reinsurance protection, the largest such deal since 2007. The newly formed Irish special purpose vehicle named Benu Capital issued €285 million of excess read the full article →

Uncertainty a factor in mortality catastrophe bonds like Benu Capital

For mortality linked catastrophe bonds, such as AXA Global Life's €285m Benu Capital Limited deal that has recently completed, uncertainty as well as the potential for unmodelled risk impacts are always a factor. Covering extreme mortality catastrophe events is an uncertain business, given there are so many diverse factors that can read the full article →

Benu Capital grows to €285m, as higher risk mortality layer appeals

AXA Global Life's excess mortality catastrophe bond transaction Benu Capital Limited has upsized, as was expected, to a total size of €285m, as investors showed a greater desire to allocate capital to the higher risk and return layer of mortality risk. The Benu Capital mortality cat bond deal launched at €250m read the full article →

Benu Capital mortality cat bond likely to grow, pricing moves upwards

The Benu Capital Limited extreme mortality catastrophe bond, which is being brought to market on behalf of sponsoring insurer AXA Global Life, looks like it may upsize due to investor demand while the pricing indication has moved towards the upper end of guidance. AXA's mortality cat bond launched almost a fortnight read the full article →

AXA Global Life launches Benu Capital mortality catastrophe bond

AXA Global Life is seeking a source of fully-collateralized reinsurance coverage for excess mortality events from a catastrophe bond structure with a newly launched €250m transaction named Benu Capital Limited. This is the first pure mortality cat bond since September 2013's Atlas IX Capital from French reinsurer SCOR. Benu Capital Limited, a read the full article →

AXA reported to be readying new mortality catastrophe bond

According to Reuters, French insurance group AXA is marketing a new 144A mortality catastrophe bond transaction, as it seeks to secure capital markets reinsurance protection for large increases in mortality experience under its life insurance portfolio. Mortality catastrophe bonds, or mortality insurance-linked securities, are designed to provide the sponsor or cedent read the full article →

SCOR’s Atlas IX Capital mortality bond well received by investors

French reinsurer SCOR recently completed its first non-life Atlas catastrophe bond issuance, the extreme mortality-linked Atlas IX Capital Limited (Series 2013-1). Aon Benfield Securities, the capital markets and investment banking division of the reinsurance broker, structured the deal and acted as a bookrunner. Through the transaction, SCOR receives $180m of U.S. read the full article →

SCOR completes Atlas IX Capital mortality bond at $180m

French reinsurer SCOR has successfully completed its latest catastrophe bond issuance, a mortality linked deal issued through Irish limited company Atlas IX Capital Limited The transaction provides SCOR with a multi-year source of fully-collateralized retrocessional reinsurance for extreme mortality events such as pandemics. This first issuance through Atlas IX Capital does not read the full article →