To illustrate and test the previously developed approximations, we use secondary market cat bond
prices provided by Lane (2002) and compare the theoretically derived ILW prices obtained by means of our approximations (see the "Pricing Binary ILWs by Replication Using Cat Bonds
" section) with the actual ILW prices dated from April 1,2002 as provided by McDonnell (2002).
The Department of Finance (DOF) is exploring a plan to sponsor a "Catastrophe Bond" (Cat Bond
) to help cover disaster-related risks in the Philippines and a separate offer of peso-denominated securities to offshore investors.
Issued by the World Bank in February, this was the second-largest cat bond
ever issued and the largest sovereign risk insurance transaction in history, according to the organization.
Section 4 examines and comments on some cat bond
issues faced by non-financial companies operating in the transport and infrastructure industry.
Global Banking News-July 11, 2017--Generali issues cat bond
Michael Popkin, managing director and co-head of ILS at JLTCM, said, "In 2017, we are pleased to close our seventh annual Oak Leaf cat bond
, which is one of the longer running cat bonds
in the marketplace."
BNY Mellon, a global leader in investment management and investment services, said it has been appointed trustee, paying agent, account bank and custodian for a USUSD100 million Turkish cat bond
transaction designed to protect insurers against the risks of potential earthquakes.
BANKING AND CREDIT NEWS-November 10, 2015-BNY Mellon appointed trustee for Turkish cat bond
The briefing noted that seven new sponsors entered the 144A P&C cat bond
market in 2014.
The industry also saw landmark transactions in 2013, with a record-setting $1.5 billion bond linked to hurricane risk in Florida and the world's first cat bond
to protect against storm surge, created by New York City's Metropolitan Transit Authority after it faced $5 billion in damage in Sandy's wake.
Risk & Insurance[R] published an article waaay back in 1999 titled "Time for the Corporate CAT Bond
?" More than a decade later, we're still asking the same question.
Though it may seem that seven years of events wouldn't provide a large enough data set to create models and triggers, Johansmeyer said it's enough to create some sort of cat bond