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Insurance-Linked Securities Alternative Markets Find Growth Through Innovation

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Insurance-Linked Securities Alternative Markets Find Growth Through Innovation Aon Benfield Insurance-Linked Securities Alternative Markets Find Growth Through Innovation September 2016 Risk. Reinsurance. Human Resources. Aon Securities Inc. and Aon Securities Limited (collectively, “Aon Securities”) provide insurance and reinsurance clients with a full suite of insurance-linked securities products, including catastrophe bonds, contingent capital, sidecars, collateralized reinsurance, industry loss warranties, and derivative products. As one of the most experienced investment banking firms in this market, Aon Securities offers expert underwriting and placement of new debt and equity issues, financial and strategic advisory services, as well as a leading secondary trading desk. Aon Securities’ integration with Aon Benfield’s reinsurance operation expands its capability to provide distinctive analytics, modeling, rating agency, and other consultative services. Aon Benfield Inc., Aon Securities Inc. and Aon Securities Limited are all wholly-owned subsidiaries of Aon plc. Securities advice, products and services described within this report are offered solely through Aon Securities Inc. and/or Aon Securities Limited. Foreword It is my pleasure to bring to you the ninth edition of Aon Securities’ annual Insurance-Linked Securities (ILS) report. The study aims to offer an authoritative review and analysis of the ILS asset class, and an overview of mergers and acquisitions activity, which represent two key areas of focus for our team. Along with our quarterly ILS Updates, the report is intended to be an important and useful reference document, both for ILS market participants and those with an active interest in the sector. Unless otherwise stated, its analyses cover the 12-month period ending June 30, 2016, during which time substantial progress was made in the ILS market. In the period under review, $5.2 billion of catastrophe bond issuance was secured and overall alternative capital continued to grow across ILS products—reaching a new height of $75.1 billion. By June 30, 2016, catastrophe bonds on-risk had reached $22.6 billion, a slight contraction from June 30, 2015. During this period, sponsors continued to enhance coverage on catastrophe bond transactions in a variety of ways, including the incorporation of additional perils and aggregate structures. Earlier in the year, we saw the UK outline proposals to develop an ILS hub in the region that would compete with existing domiciles, such as Bermuda, Cayman Islands, Guernsey, and Ireland. Although draft legislation was slated for the end of this year, the coming months will test the importance of this issue following the UK’s “Brexit” decision to leave the European Union. The 2016 edition of this annual ILS report, Alternative Markets Find Growth Through Innovation, covers a wide range of topics in the ILS market, including: § Aon Securities’ comprehensive review of the catastrophe bond market and its key drivers; § A review of ILS investor activity; § Our exclusive Aon ILS Indices; § A summary of mergers and acquisitions (re)insurer activity; § An overview of ILS-related markets, including trends in ILW, sidecars, actively managed vehicles, surplus notes, and subordinated debt; § A review of North America, Europe, and Asia Pacific activity; § A dedicated section on the Life and Health sector; and § In-depth discussions with our ILS investor panel Despite a lower overall catastrophe bond issuance than prior years, capital markets investors accessed risks through additional channels—collateralized reinsurance, sidecars, start-up vehicles, and managing general agencies. This growing capital deployment demonstrates the commitment of the alternative markets to the reinsurance and insurance industries. We hope you will find this document useful and informative, and if you have any questions relating to the data herein, or any queries regarding any aspect of the ILS sector, please contact me or my colleagues. Paul Schultz, Chief Executive Officer, Aon Securities Inc. Contents Aon Securities’ Annual Review of the Catastrophe Bond Market ................... 1 ILS Investor Activity ....................................................................................... 8 The Aon ILS Indices ..................................................................................... 11 Mergers and Acquisitions (Re)Insurer Activity ............................................. 13 ILS-Related Markets ..................................................................................... 15 North America Perils ................................................................................... 19 Europe Perils ............................................................................................... 23 Asia Pacific Perils ......................................................................................... 25 Life and Health Perils ................................................................................... 28 A Market Discussion with ILS Investors ........................................................ 31 Appendix I ................................................................................................... 37 Appendix II .................................................................................................. 43 Appendix III ................................................................................................. 67 Appendix IV ................................................................................................ 71 Contact ....................................................................................................... 75 Aon Securities’ Annual Review of the Catastrophe Bond Market Overview Catastrophe bond issuance in the 12 months ending June 30, Bermuda continued to be the domicile of choice for most 2016 reached $5.2 billion—the lowest for the period since 2011. cedents during the 12 months under review. Fifteen of the The year-over-year reduction of $1.8 billion was largely due 24 new issues utilized the jurisdiction, followed by six in the to the lack of issuance in the first half of 2016, which was down Cayman Islands and three in Ireland, with Gibraltar still seeking over $1.6 billion from the same period in 2015. Despite this to gain more traction with Europe sponsors. Just 26 percent drop in issuance volume, the total outstanding volume was only of the limit offered by new issuances was rated, reflecting reduced by $825 million—mitigated by the longer coverage investors’ ongoing sophistication, and acceptance with the periods witnessed in recent years. The overall lower issuance risks ceded. levels were driven by a number of factors including competition from traditional markets and longer coverage periods, both of which resulted in some cedents renewing capacity less frequently, as well as certain cedents increasing their risk retentions. Despite the lower catastrophe bond issuance, alternative capital continues to grow in the (re)insurance space. Investors found more ways to deploy capacity, such as via sidecars, collateralized reinsurance, and other private arrangements. Collateralized reinsurance, in particular, continues to grow overall market share within cedents’ risk transfer programs. Figure 1: Catastrophe bond issuance by year, Figure 2: Outstanding and cumulative catastrophe bond 2007 to 2016 (years ending June 30) volume, 2007 to 2016 (years ending June 30) Property Life and health Property Life and health Cumulative Total issuance issuance outstanding outstanding property cumulative issuance bonds 80,000 10,000 9,400 72,273 70,000 67,083 8,145 8,000 60,102 60,000 6,981 6,665 50,702 6,431 5,914 50,000 6,000 44,037 5,190 37,605 4,736 40,000 4,382 33,223 $ millions $ millions 28,487 4,000 30,000 26,782 20,867 22,422 23,46722,562 20,000 17,788 16,155 15,123 2,000 1,705 12,911 13,174 13,167 11,504 10,000 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: Aon Securities Inc. Source: Aon Securities Inc. Aon Benfield 1 Key market drivers Enhanced coverage Loss activity2 Coverage provided by the alternative markets continued Global natural disasters in 2015 combined to cause economic to expand with longer coverage periods and additional losses of $123 billion, an amount 30 percent below the 15-year perils. The average coverage period for catastrophe bonds average of $175 billion. The disasters caused insured losses of outstanding on June 30, 2016 was higher than prior periods at $35 billion—31 percent below the 15-year mean of $51 billion. 3.6 years. A variety of aggregate structures, including annual, This was the fourth consecutive calendar year with declining rolling, and entire risk periods, were also placed at competitive global catastrophe losses since the record-setting year of rates in the alternative markets. For the 12-month period under 2011. However, this trend did not continue into the first half review, approximately 30 percent of transactions—based of 2016, with both overall economic and insured losses above on both the total limit and number of issuances—utilized their 16-year averages and at their highest levels since 2011. aggregate structures. North America, in particular, experienced several billion dollar loss events during the 12-month period under review. This The majority of new issuances, including each of those included severe weather outbreaks in the United States, which for primary cedents, secured indemnity protection while amounted to $12.3 billion of aggregate losses in the first half of reinsurers continued
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