Just over twenty-five years since the issuance of what is considered the first true, widely syndicated, catastrophe bond transaction, the structure has cemented its role within the insurance ecosystem, according to Aon Securities CEO Paul Schultz.
Commenting on the record year of 144A catastrophe bond issuance seen in 2021, Schultz of Aon Securities, the investment banking and insurance-linked securities arm of the insurance and reinsurance broker, noted the important role broker-dealers have played in cat bond market development.
Aon Securities counted $12.5 billion of property catastrophe bond issuance in 2021, of which the company actively participated in the placement of $7 billion.
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