Insurance-Linked Securities Market Adapts To Changing Conditions Jul 09

  • ID: 1860086
  • July 2009
  • Standard & Poors
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  • Ajax Re Ltd.
  • Avalon Re Limited
  • Calabash Re III Ltd.
  • Crystal Credit Ltd.
  • FCC SPARC Europe (Senior)
  • Mystic Re II Ltd.
  • MORE

The insurance-linked securities (ILS) market has not emerged unscathed from the recent market disruptions. The collapse of Lehman, downgrades of sponsors and financial guarantee providers, and general investment losses have all had an impact. The result has been forced sales and limited new issuance, leading to an overall market contraction. Despite this backdrop, the market is beginning to re-emerge and adapt. Standard & Poor's Ratings Services has seen improvements in structural features and better disclosure and believes this establishes stronger foundations from which the ILS market will develop and grow. New issuance of ILS has been under pressure. Since its peak in 2007with more than $12 billion in new securitiesnew issuance of ILS has slowed considerably. Several factors contributed to...

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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- International Bank for Reconstruction and Development
- Chubb Corp.
- Swiss Reinsurance Co. Ltd.
- Liberty Mutual Insurance Co.
- KfW
- ACE American Insurance Co.
- Avalon Re Limited
- Crystal Credit Ltd.
- SCOR Global P&C SE
- Carillon Ltd.
- Willow Re Ltd.
- Blue Fin Ltd.
- Ibis Re Ltd.
- East Lane Re III Ltd.
- Calabash Re III Ltd.
- Residential Reinsurance 2009 Ltd.
- Atlas V Capital Ltd.
- United Services Automobile Association
- Assurant Inc.
- Ajax Re Ltd.
- Mystic Re II Ltd.
- FCC SPARC Europe (Senior)
- Newton Re Ltd.

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