Insurance-linked securities issuance for 2014 reaches $8.03B
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The pricing of catastrophe bond Nakama Re Ltd. has pushed 2014 insurance-linked securities issuance to a record $8.03 billion, Aon Benfield Securities said Monday.
This surpasses the previous record of $7.86 billion set in 2007, the Aon Benfield Group Ltd. unit said in a statement.
Nakama Re, which priced on Friday, provides $375 million in coverage for Japanese earthquake using an indemnity-based trigger, Aon Benfield Securities said in the statement.
Noting that 2014 also saw record second-quarter issuance of $4.5 billion and record first-half issuance of $5.9 billion, the company is bullish on the prospects for 2015.
“Our outlook for the ILS sector for 2015 remains highly positive, and we anticipate the capital inflows and strong pipeline of opportunities seen in 2014 to continue,” Aon Benfield Securities CEO Paul Schultz said in the statement.
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