Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Interest Rates

News : Interest Rates

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

Insurer Neon launches first UK catastrophe bond vehicle

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/03/2018 | 11:01am CEST

LONDON (Reuters) - Neon has launched the first UK vehicle for insurance-linked securities (ILS) such as catastrophe bonds, the specialist insurer said on Wednesday.

Neon has set up NCM Re, a so-called protected cell company, which has issued a $72 million (£53 million) collateralised deal, it said in a statement.

Rules introduced late last year to allow the formation of UK protected cell companies for the issuance of ILS are designed to enable Britain to compete in the growing sector.

Catastrophe bonds and other ILS are typically tied to natural catastrophes such as hurricanes. They offer high yields but investors lose their principal if a specified catastrophe loss is triggered.

They offer an alternative to traditional reinsurance and have attracted investors such as pension funds and high net worth individuals because of their high yield.

Bermuda is the leading player in ILS but other European centres include Dublin and Gibraltar.

(Reporting by Carolyn Cohn; editing by Jason Neely)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Interest Rates"
06:39pRising U.S. bond yields pose risks to greenback
RE
05:19pFed plans would put rates 'quite a way' into restrictive area - Bullard
RE
01:24pFed minutes, supply push up euro zone bond yields
RE
11:05aIndonesia mulling tax cuts to attract bond investors - official
RE
10:21aMitsui Life to raise foreign bond holdings by $1.2 billion by March
RE
08:20aBond alarm bells may ring sooner than Italian government expects
RE
08:09aChina's Blowout Bond Sale Is Little Comfort to Junk Issuers
DJ
07:04aSouth Korea holds rates but leaves door open for November hike
RE
04:37aBank of Korea chief says decision to keep rates steady was not unanimous
RE
10/17Hurricane Florence, rising mortgage rates hurt U.S. homebuilding
RE
Latest news "Interest Rates"
Advertisement