The value of insurance-linked-securities (ILS) placements increased by more than half in the 2011 first quarter as four insurers placed more than $1 billion in bonds in the market, according to a report from Willis Group.
In its "ILS Market Update, Q1 2011: The Market Digests a Major Catastrophe Event" report, Willis Capital Markets & Advisory says there was a record $1.015 billion of ILS placed in the market compared to $650 million for the same period last year—in a quarter traditionally seen as "relatively quiet" for such placements.
Four carriers make up the sponsoring of the issuance:
|- Munich Re with a three-year tranche of $100 million.
- Chubb with both a three-year and four-year tranche, totaling $475 million.
- The Hartford with a four-year term tranche of $135 million.
- Swiss Re with two three-year term tranches totaling $305 million.
All four carriers' tranches are U.S. hurricane-risk exposures, Willis notes, after a 2010 fourth quarter "that saw a good mix of perils for investors."
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