THANKS IN NO small part to their name, catastrophe bonds have always attracted attention. But they are only the most visible means by which risk is transferred from the insurance market to the capital markets – there are up to 15 other vehicles by which this can be achieved. These range from securities to derivatives, insurance-linked warrants (ILWs) and sidecars. Non-life risks have been transferred via club deals, cat bonds, collateralized insurance, sidecars and ILWs, and life deals have included life cat bonds, embedded value securitizations, surplus relief (Reg XXX) deals and life settlements.
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