BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

AXA securitizes mortality risk


PARIS—AXA S.A. has completed a securitization of French, Japanese and United States catastrophic mortality risk.

Paris-based insurer AXA said it had completed a €1 billion ($1.28 billion) shelf program to transfer mortality risks to the capital markets—the first deal by a primary insurer to transfer mortality risk to the capital markets.

Under the terms of the deal, a special purpose vehicle—OSIRIS Capital P.L.C.—issued notes denominated in both euros and U.S. dollars. The offering also included a non-investment grade tranche.

"This shelf program is a flexible and efficient structure to diversify sources of cover for the group's mortality risk exposure by benefiting from the broad capacity of capital markets," AXA said in a statement.

Swiss Reinsurance Co. arranged the securitization deal for AXA and acted as global coordinator for the initial offering of $442 million under the program.