Insurance-Linked Securitization: Navigating Through A Turbulent Start To 2011 Aug 11
Standard & Poors, August 2011
Abstract
Despite a turbulent start to the year, with a number of major catastrophes and a significant model change in the first half of 2011--expected losses on outstanding deals modeled by Risk Management Solutions (RMS) increased by 90% on average--we believe the insurance-linked securitization (ILS) market has coped well. There has been continued issuance of new catastrophe (cat) bonds, suggesting that the ILS market continues to play an active part in the global (re)insurance industry (Watch the related CreditMatters TV segment titled, "Insurance-Linked Securitization: Turbulent Beginnings For 2011," dated Aug. 10, 2011). For investors and sponsors both, cat bonds have performed largely as expected, especially given the size of Great East Japan Earthquake and ensuing tsunami in Tohoku, Japan. In our...
Companies mentioned in this report are: Swiss Reinsurance Co. Ltd.,American Family Mutual Insurance Co. (Unsolicited Ratings),Munich Reinsurance Co.,Topiary Capital Ltd.,SCOR Global P&C SE,Montana Re Ltd.,Atlas VI Capital Ltd.,Vita Capital IV Ltd.,Mariah Re Ltd.,Kortis Capital Ltd.,Queen Street III Capital Ltd.,Embarcadero Re Ltd.,Pylon II Capital Ltd
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.
Swiss Reinsurance Co. Ltd.,American Family Mutual Insurance Co. (Unsolicited Ratings),Munich Reinsurance Co.,Topiary Capital Ltd.,SCOR Global P&C SE,Montana Re Ltd.,Atlas VI Capital Ltd.,Vita Capital IV Ltd.,Mariah Re Ltd.,Kortis Capital Ltd.,Queen Street III Capital Ltd.,Embarcadero Re Ltd.,Pylon II Capital Ltd
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