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The Journal of Structured Finance

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Insurance-Linked Securities and Structured
Settlements

William D. Goddard and Geoffrey Sweitzer
The Journal of Structured Finance Spring 2014, 20 (1) 126-130; DOI: https://doi.org/10.3905/jsf.2014.20.1.126
William D. Goddard
is a partner at Bingham McCutchen LLP in Hartford, CT.
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  • For correspondence: william.goddard@bingham.com
Geoffrey Sweitzer
is a managing director at Guy Carpenter & Company, LLC, in New York, NY.
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  • For correspondence: geoffrey.sweitzer@guycarp.com
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Abstract

Influence from direct capital markets’ participation in reinsurance programs, coupled with catastrophic insured losses well below historical averages in 2013, has put significant pressure on global catastrophic reinsurance pricing. There continues to be an increasing use and acceptance of indemnity-based triggers as the spread differential between that and other parametric and/or index-based triggers diminishes. Bespoke parametric structures for non-peak risks are becoming more common. The insurance-linked securities market is expanding in terms of both breadth of products and geography. Mortality risk remains a nascent market, but the extreme mortality segment is growing. Performance of the structured settlement asset-backed securities market has been stable, reflecting the stable performance of the life insurers whose annuities back the securitized pools. Despite isolated conduct episodes, the market has worked well. The court approval process has been relatively smooth. Moody’s assigns a rating of A3 or higher to 85% of the carriers whose annuity payments are the primary source of repayments under structured settlements.

TOPICS: Asset-backed securities (ABS), legal and regulatory issues for structured finance

  • Copyright © 2014 Guy Carpenter & Company, LLC. All rights reserved. Not to be reproduced or redistributed without permission.
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The Journal of Structured Finance: 20 (1)
The Journal of Structured Finance
Vol. 20, Issue 1
Spring 2014
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Insurance-Linked Securities and Structured
Settlements
William D. Goddard, Geoffrey Sweitzer
The Journal of Structured Finance Apr 2014, 20 (1) 126-130; DOI: 10.3905/jsf.2014.20.1.126

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Insurance-Linked Securities and Structured
Settlements
William D. Goddard, Geoffrey Sweitzer
The Journal of Structured Finance Apr 2014, 20 (1) 126-130; DOI: 10.3905/jsf.2014.20.1.126
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