European cat bond market poised to grow as UK ILS law passes
Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.
Last month's Risk Transformation (Tax) Regulations 2017 and Risk Transformation Regulations 2017 represented the final stage of a process stretching back to the UK government's budget in 2015, when then chancellor George Osborne announced a plan to design a framework to attract ILS business to the country.“The change ...
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