Brazil publishes “Letra de Risco de Seguro” rules for ILS securitization
The Brazilian government has published new legislation in its official gazette for what are being termed “Letra de Risco de Seguro”, or LRS and translates to Letter of Insurance Risk, which are insurance-linked securities (ILS) laws, as the country looks to encourage risk transfer and reinsurance to the capital markets. We’ve explained before that Brazil’s […]
PRA looks to evolve UK ILS regime, after challenging start: Sweeney
The UK’s top regulator recognises that the insurance-linked securities (ILS) regime in the country has faced challenges since its launch and wants to evolve the system to make for swifter and easier issuance conditions, to attract more ILS and catastrophe bond activity to be transacted there. This is according to senior executives of the United […]
Tomoni Re cat bond seeks $240m of cover for MS&AD insurers
A new catastrophe bond issuance has been launched to benefit two Japanese insurance carriers owned by MS&AD Insurance Group Holdings, with the Tomoni Re Pte Ltd. (Series 2022-1 & 2022-2) transaction aiming to secure the sponsors a multi-year source of collateralized Japanese typhoon and flood reinsurance protection. The ultimate beneficiaries of the reinsurance that the Tomoni […]
UK’s PRA wants to improve ILS authorisation process and speed
The United Kingdom’s Prudential Regulatory Authority (PRA), which is part of the Bank of England, said that it recognises the need to improve the country’s authorisation process for insurance-linked securities (ILS) vehicles, noting that time taken is a factor. In a letter to insurance and reinsurance CEO’s, Anna Sweeney and Charlotte Gerken, two Executive Directors […]
UK Gov committee approves plan to exempt ILS from Stamp Duty taxes
This week, UK Member’s of Parliament (MP’s) approved the passage of new Government legislation designed to exempt insurance-linked securities (ILS) issuance and reinsurance transformer vehicle issued notes from any Stamp Duty taxes, to promote ILS activity in the United Kingdom. The move saw MP’s from both sides of the House agreeing to pass the legislation, […]
Enormous potential for cat bonds in Greater Bay Area: Hong Kong’s Carrie Lam
Carrie Lam, Chief Executive of the Government of Hong Kong, sees “enormous potential” for catastrophe bonds and insurance-linked securities (ILS) to provide important disaster risk capital to underpin risks in the Greater Bay Area. The Greater Bay Area, also known as the Guangdong – Hong Kong – Macau Greater Bay Area, is a megalopolis made […]