2017 HIM hurricanes major loss
LessonsMulti
Harvey/Irma/Maria triggered many cat bonds
Source: encyclopedia
2022-2024 hard market
MarketsMulti
Hard market post-2022 - higher rates
Source: encyclopedia
2025 record cat bond issuance
MarketsMulti
2025 record-breaking cat bond issuance
Source: Artemis
2026 strong demand
MarketsMulti
2026 ILS market entered with momentum
Source: Artemis
Aggregate CRI
Collateralized ReinsuranceIncome
Aggregate-loss collateralized reinsurance
Source: encyclopedia
Aggregate cat bond
Cat BondIncome
Triggered by annual aggregate losses
Source: encyclopedia
Annuity reinsurance flow
Life ILSIncome
Annuity-flow reinsurance
Source: encyclopedia
Back-up cover ILW
ILWIncome
Coverage for follow-on events post primary
Source: Artemis
Basis risk indemnity vs index
Risk MgmtMulti
Sponsor's losses ≠ index trigger
Source: encyclopedia
Bermuda ILS hub
MarketsMulti
Bermuda dominant ILS jurisdiction
Source: encyclopedia
Bermuda sidecar SPI
SidecarIncome
Bermuda Special Purpose Insurer for sidecars
Source: encyclopedia
CRI fully-collateralized reinsurance
Collateralized ReinsuranceIncome
Fully-collateralized reinsurance contract
Source: Captive
Capital relief trades CRT
Other ILSMulti
Banks transfer credit risk via CRTs
Source: encyclopedia
Casualty sidecar growth
SidecarIncome
Sidecars expanding into casualty/specialty 2025
Source: NAIC
Catastrophe-linked notes
Other ILSMulti
Cat-linked notes
Source: encyclopedia
Cayman ILS hub
MarketsMulti
Cayman alternative ILS jurisdiction
Source: encyclopedia
Class A senior tranche
Cat BondIncome
Lower yield more remote risk class A
Source: encyclopedia
Class B mezz tranche
Cat BondIncome
Higher yield more attached class B
Source: encyclopedia
Class C subordinate
Cat BondIncome
Highest yield first to pay class C
Source: encyclopedia
Climate basis risk concern
LessonsMulti
Models may miss climate-driven tail risk
Source: encyclopedia
Climate change reprice cat
Risk MgmtMulti
Climate change re-pricing cat exposures
Source: encyclopedia
Crop insurance bond
Other ILSMulti
Crop yield/weather cat bond
Source: encyclopedia
Cyber ILS
Other ILSMulti
Cyber risk-transfer ILS
Source: encyclopedia
DEBUNKED cat-bond zero-correlation
LessonsMulti
Cat bonds correlated to risk-on/off in stress
Source: encyclopedia
DEBUNKED single-event diversification
LessonsMulti
Single-event 2017 hit many cat bonds
Source: encyclopedia
Dead cat ILW
ILWIncome
Trade pre-final-loss-amount post event
Source: Artemis
Demand surge post-event
Risk MgmtMulti
Demand surge inflation post major events
Source: encyclopedia
Direct cat bond purchase
Cat BondIncome
Direct-purchase single cat bond
Source: encyclopedia
Drop-down CRI
Collateralized ReinsuranceIncome
Drop-down feature when prior layer exhausted
Source: encyclopedia
Drought ILS Africa
Other ILSMulti
Africa drought parametric coverage
Source: encyclopedia
Earthquake cat bond California
Cat BondIncome
CA earthquake cat bond
Source: encyclopedia
Embassy Asset Mgmt cat bond fund
Cat BondIncome
Embassy AM Ambassador strategy 11.6% return
Source: Artemis
Embedded value securitization
Life ILSIncome
Securitize life insurance embedded value
Source: Captive
Endowment ILS allocation
InvestorsMulti
Yale + others ILS allocations
Source: encyclopedia
Extreme mortality cat bond
Life ILSMulti
Cat bond on pandemic / extreme mortality
Source: encyclopedia
FL wind ILW
ILWIncome
FL wind ILW (industry $10B+ trigger)
Source: Artemis
Family office ILS access
InvestorsMulti
Family offices access via funds
Source: encyclopedia
Fermat cat bond fund
Cat BondIncome
Fermat Capital Mgmt cat bond manager
Source: encyclopedia
Flood Re bond
Other ILSMulti
UK Flood Re reinsurance pool
Source: encyclopedia
Hedge fund Re Third Point Re
SidecarIncome
Hedge fund + reinsurance hybrid (closed)
Source: Corvid
Hong Kong ILS
MarketsMulti
HKMA ILS framework
Source: encyclopedia
Hurricane Ian 2022 impact
MarketsMulti
Hurricane Ian 2022 retro market dislocation
Source: encyclopedia
Hurricane cat bond Florida
Cat BondIncome
FL hurricane cat bond
Source: encyclopedia
Hurricane futures CME
Other ILSMulti
CME hurricane futures (mostly defunct)
Source: encyclopedia
Hybrid trigger cat bond
Cat BondIncome
Combination indemnity + parametric trigger
Source: encyclopedia
ILW industry loss warranty
ILWIncome
Trigger based on industry-wide loss not own
Source: Munich Re
Indemnity-trigger cat bond
Cat BondIncome
Triggered by sponsor's actual losses
Source: encyclopedia
Industry-index trigger cat bond
Cat BondIncome
Triggered by industry losses (PCS / PERILS index)
Source: Munich Re
Insurance company ILS
InvestorsMulti
Insurers buy ILS for capital relief
Source: encyclopedia
Japan EQ cat bond Nakama Re
Cat BondIncome
Zenkyoren Nakama Re Japan quake bonds
Source: Artemis
Kindley Re Kuvare life sidecar
SidecarIncome
Kuvare life+annuity reinsurance sidecar
Source: Artemis
Life settlements securitization
Life ILSMulti
Securitize portfolios of life policies
Source: Captive
Limited-tenor sidecar 1y
SidecarIncome
1-year tenor sidecar matched to wind season
Source: encyclopedia
Live cat ILW
ILWIncome
Traded while storm approaching landfall
Source: Artemis
Lloyd's London Bridge ILS
SidecarIncome
London Bridge ILS hit $2.9B in 2025
Source: Artemis
Lloyd's London ILS
MarketsMulti
Lloyd's London Bridge PCC
Source: Artemis
Longevity swap
Life ILSMulti
Pension hedges longevity via swap
Source: encyclopedia
Loss reserves true-up
Risk MgmtMulti
Reserve true-up at maturity
Source: encyclopedia
Loss-development factors
Risk MgmtMulti
LDFs for actuarial reserving
Source: encyclopedia
Modeled-loss trigger
Cat BondIncome
Trigger via cat model run on event params
Source: encyclopedia
Modeling AIR Worldwide
Risk MgmtMulti
AIR/Verisk catastrophe-modeling firm
Source: encyclopedia
Modeling KCC Karen Clark
Risk MgmtMulti
KCC catastrophe modeling firm
Source: encyclopedia
Modeling RMS Moody's
Risk MgmtMulti
RMS Moody's RMS catastrophe modeling
Source: encyclopedia
Mortality cat bond
Other ILSMulti
Mortality-linked cat bonds
Source: encyclopedia
Mt Logan Capital Mgmt
SidecarIncome
Everest Re Mt Logan Capital Management
Source: encyclopedia
Multi-peril cat bond
Cat BondIncome
Multiple-peril triggers in single bond
Source: encyclopedia
Multi-year tenor sidecar
SidecarIncome
3-5 year sidecar facility
Source: encyclopedia
PCS index ILW
ILWIncome
Property Claim Services US trigger
Source: encyclopedia
PERILS European ILW
ILWIncome
PERILS European industry-loss data provider
Source: encyclopedia
Pandemic bond World Bank
Other ILSMulti
World Bank PEF pandemic bond (lessons COVID)
Source: encyclopedia
Parametric cat bond
Cat BondIncome
Trigger from physical params (wind speed mag)
Source: ScienceDirect
Pension Risk Transfer to insurers
Other ILSMulti
PRT - pension book sold to insurer
Source: encyclopedia
Pension fund ILS allocation
InvestorsMulti
Pensions allocate to ILS for non-corr returns
Source: encyclopedia
Per-occurrence cat bond
Cat BondIncome
Single-event trigger
Source: encyclopedia
Pillar Capital Mgmt
SidecarIncome
Pillar Capital ILS investment manager
Source: encyclopedia
Pioneer ILS Bond fund
Cat BondIncome
Pioneer ILS interval fund
Source: encyclopedia
Property cat sidecar
SidecarIncome
Sidecars used for peak-peril cat capacity
Source: NAIC
Quota share CRI
Collateralized ReinsuranceIncome
Quota-share collateralized reinsurance
Source: encyclopedia
Quota share sidecar
SidecarIncome
Investor capital ceded a quota share of sponsor's book
Source: Munich Re
Reinsurance recoverable risk
Risk MgmtMulti
Cedant credit risk on reinsurer
Source: encyclopedia
Reinsurance retro market
Other ILSMulti
Retrocession of reinsurance via ILS
Source: Munich Re
Reserve funding XXX/AXXX
Life ILSMulti
Reg XXX/AXXX life reserve securitization
Source: Captive
Reset risk between deals
Cat BondIncome
Risk reset at each renewal
Source: encyclopedia
Retail ETF cat bond access
InvestorsMulti
Stone Ridge mutual fund retail access
Source: encyclopedia
Significant Risk Transfer SRT
Other ILSMulti
SRT bank synthetic risk transfer
Source: encyclopedia
Singapore ILS hub
MarketsMulti
Singapore MAS ILS framework
Source: encyclopedia
Sovereign wealth ILS
InvestorsMulti
SWFs allocate to ILS
Source: encyclopedia
Standard catastrophe bond
Cat BondIncome
Investor takes cat risk for premium - principal at risk if event
Source: Munich Re
Stone Ridge cat bond ETF
Cat BondIncome
Stone Ridge cat-bond mutual fund
Source: encyclopedia
Stop-loss CRI
Collateralized ReinsuranceIncome
Stop-loss collateralized reinsurance
Source: encyclopedia
SwissRe sigma ILW
ILWIncome
Swiss Re sigma data trigger
Source: encyclopedia
Switzerland ILS
MarketsMulti
Swiss ILS framework
Source: encyclopedia
Terror bond Pool Re
Other ILSMulti
Pool Re terrorism cat bond
Source: Artemis
Trapped collateral on reset
Risk MgmtMulti
Collateral trapped pending loss development
Source: encyclopedia
US 2017 hurricane impact
MarketsMulti
Harvey/Irma/Maria 2017 ILS market test
Source: encyclopedia
US EQ ILW
ILWIncome
US earthquake ILW
Source: encyclopedia
Variable annuity GMxB hedge re
Life ILSMulti
Reinsurance of VA Greek hedging blocks
Source: encyclopedia
Weather derivatives HDD/CDD
Other ILSMulti
Heating/Cooling Degree Day futures CME
Source: encyclopedia
Wildfire ILS
Other ILSMulti
California wildfire cat bonds
Source: encyclopedia
XOL CRI
Collateralized ReinsuranceIncome
Excess-of-loss collateralized reinsurance
Source: encyclopedia
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.