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Alternative Capital

The emergence of a $30bn global marketplace for insurance-linked securities has served as evidence of the increasingly prominent role third-party capital now plays in risk transfer. Over the medium to long-term this sector is expected to continue its growth as investors take advantage of the low correlation insurance has with other asset classes. This section brings together Insurance Day’s coverage of alternative capital and the way it is helping reshape global insurance markets.

Viewpoint: Bermuda’s ILS offering is becoming more differentiated to address emerging risks

Growing private equity interest in ILS as an asset class could provide a fertile environment for new entrants that bring a fresh approach to managing and deploying capital

InsuranceLinked Securities Bermuda

Swiss Re sets up cat fund

Reinsurance giant opens its natural catastrophe portfolio to investors through a permanent fund format for the first time

Swiss Re Reinsurance

Focus: Investors’ concern about ILS fund transparency presents a problem for the market

There is room for both independent and reinsurer-aligned ILS funds to address the different needs of end investors and cedants – but transparency is critical

Focus Reinsurance

Focus: Reinsurer capital threatens to reduce risk diversification of ILS market

Only time will tell how important the lack of risk correlation represented by the ILS market is and to what extent its diminution will affect the market

Focus InsuranceLinked Securities

Google parent near to closing first cat bond

Notes provide additional earthquake protection for Google assets in California

North America InsuranceLinked Securities

Cat bond issuance to reach record levels in 2020

Issuance has already surpassed previous record with more deals on the horizon

InsuranceLinked Securities

Minnesota Life launches first indemnity-based mortality cat bond

Willis Re Securities-brokered deal provides $100m of reinsurance protection 

Willis Towers Watson InsuranceLinked Securities

Aon joins with Hudson Structured on cyber cat protection

Product provides up to $70m coverage against cyber loss aggregations

Bermuda Aon

ILS market optimistic despite recent challenges

Hopes are high that climate change will produce new opportunities, though end-investors remain very sceptical about risks beyond natural catastrophes

International InsuranceLinked Securities

Covid-19 puts ILS capital on hook ahead of renewals

Pandemic-related loss reserving and buffering could be the difference between capital being available to reinvest or being impaired

InsuranceLinked Securities Coronavirus

California Earthquake Authority completes $775m cat bond

Deal tripled in size owing to strong investor demand

North America US States

Hughes to lead PartnerRe third-party capital

Andrew Hughes previously lead Hiscox's ILS initiatives 

Bermuda People moves