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NEW YORK—More than $1.34 billion in insurance-linked securities were issued in the first quarter of 2012, according to a report issued Tuesday by London-based Willis Group Holdings P.L.C.’s Willis Capital Markets & Advisory unit.
The report, “ILS Market Update: Strong Start to 2012 Sees Record First Quarter Issuance,” said that set a new record for a first quarter The report said eight transactions from sponsors including Swiss Re Ltd., Munich Reinsurance Co., Liberty Mutual Holding Co. Inc. and Chubb Corp. accounted for more than $1.3 billion in new nonlife capacity in the market. That compared with $1.0 billion in new nonlife capacity issued during the same period of 2011. According to the report, the market had $13.3 billion of outstanding nonlife capacity at the end of the first quarter, two-thirds of which is exposed to U.S. hurricane risk of some form.
Bill Dubinsky, Head of ILS at New York-based Willis Capital Markets & Advisory, said the medium-term outlook for the market is encouraging.
“The market’s strong momentum from late 2011 has continued into the first quarter of 2012,” Mr. Dubinsky said in a statement. “Growth in insured exposures should continue to drive capital markets’ involvement in the catastrophe risk sector.”
LEWES, Del.—A new company, CatVest Petroleum Services L.L.C., has been formed to help businesses transfer significant oil spill risks to capital markets through insurance-linked securities.