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Insurance-Linked Securities Market Adapts To Changing Conditions Jul 09 Product Image

Insurance-Linked Securities Market Adapts To Changing Conditions Jul 09

  • ID: 1860086
  • July 2009
  • Standard & Poors

FEATURED COMPANIES

  • Ajax Re Ltd.
  • Avalon Re Limited
  • Calabash Re III Ltd.
  • Crystal Credit Ltd.
  • FCC SPARC Europe (Senior)
  • Mystic Re II Ltd.
  • MORE

Abstract
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...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

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

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