Late ILS push fuels $5bn plus predictions
The insurance-linked securities (ILS) market in 2010 could exceed $5bn in fresh transactions, after a record $1.7bn of issuance in the fourth quarter of 2009.
A late flurry - fuelled by a 30-40 percent fall in cat bond pricing - took total 2009 ILS issuance to $3.5bn in the form of 19 transactions (see table) as (re)insurers bought securitised protection from catastrophic events such as US wind and earthquake in 2010 and beyond.
Indeed, total outstanding cat bond capacity stood...
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