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Comet Pension Scheme adds more insurance-linked investments

The Comet Pension Scheme, a closed defined benefit pension fund, is set to allocate more capital to insurance-linked securities (ILS) as part of a new discretionary alternatives mandate that includes some ILS, adding to an allocation it already had with ILS manager Leadenhall Capital Partners.The Comet pension scheme first allocated read the full article →

Vita Capital VI mortality bond remains $100m, prices below mid-point

Global reinsurance firm Swiss Re's latest catastrophe bond, the Vita Capital VI Limited (Series 2015-1) extreme mortality transaction, has remained at $100 million in size and the coupon pricing has been fixed at just below the middle of initial guidance.Swiss Re's new Vita Capital deal, its first mortality cat bond read the full article →

Swiss Re launches Vita Capital VI excess mortality catastrophe bond

One of the world's largest reinsurance companies Swiss Re is returning to the capital markets with its first excess mortality catastrophe bond transaction since 2012, seeking at least $100 million of retrocession through a Vita Capital VI Limited (Series 2015-1) issuance.This is the first Vita Capital mortality cat bond since read the full article →

Asian mortality protection gap an opportunity for reinsurance & ILS

The burgeoning $58 trillion mortality protection gap impacting Asia was highlighted by reinsurance giant Swiss Re recently, signalling an opportunity for capital providers in the insurance, reinsurance, catastrophe bond and insurance-linked securities (ILS) space.Reinsurer Swiss Re has published a preview and accompanying fact sheet prior to the release of its 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 →

Swiss Re continues Vita Capital IV mortality cat bond redemptions

Global reinsurance firm Swiss Re is continuing its habit of redeeming mortality catastrophe bond notes the reinsurer had issued through its Vita Capital IV Ltd. vehicle, with two more tranches redeemed recently.In the latest redemption, the third year running that Swiss Re has opted to redeem some of the Vita read the full article →