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Insurance Linked Securities

Supporting you with capital market solutions

Expanding traditional reinsurance programs to include alternative risk transfer solutions

In addition to structured reinsurance and traditional reinsurance, benefit from the access to alternative risk transfer (ART) solutions. Alternative in the sense that they enable a direct transfer of uncorrelated insurance risks to capital market investors.

The most common ART instruments are Insurance Linked Securities (ILS), in particular catastrophe bonds, to cover peak risks from natural disasters. Other well-known ART formats are sidecars, swaps and derivatives.

Our ILS offering for insurers

ILS are mainly used to protect property risks against natural hazards. However, there are also examples for other perils.
Munich Re's 13th ILS/ART Round Table
Join the panel discussion with industry experts and learn more about the latest ART/ILS developments in reinsurance.

Our proven ILS capability offers you the following:

Extensive expertise
Benefit from combined capital market and reinsurance expertise.
Bespoke solutions
Integrated solutions tailored to your risk transfer needs.
Extensive Track Record
Enjoy efficient solutions based on decades of capital market experience and transaction history.
Combining two worlds
Use capital market-based solutions as a complement to traditional reinsurance.
Alternative risk transfer structures
Choose from a range of options that includes cat bonds, side cars, or derivatives.
Various trigger mechanisms
Opt for triggers based on indemnity, a parametric basis or market loss index, etc.

Would you like to know more?

Our experience forms the basis for your insurance linked security

Munich Re offers you a comprehensive service from portfolio and risk analysis, structuring to the execution of capital market transactions. 
Insurance Linked Securities
© Munich Re

The benefits of working with us for your capital market transaction

Whether it be a capital-market-based insurance solution such as cat bonds, derivatives or traditional reinsurance: We advise you so as to jointly find the most beneficial solution for your business.
We adopt a unique structure with experts, focusing on individual bespoke elements (modelling, collateral, legal, regulatory, ...), which allows us to offer our structuring services until the maturity of a transaction.
Leverage the broad institutional investor base we have established world-wide as a sponsor of our own sidecar programs and our global retrocession program.
As an ILS service provider with risk capacity of our own, we are able to supplement standard capital-market products with traditional reinsurance features, making the whole transaction more efficient for you. 

What ILS solutions can help you achieve

Typically, you can employ capital market solutions to get additional natural catastrophe capacity or to explore an additional source of capacity.

Why you should partner with Munich Re for your capital market solutions

One-stop shop
You get everything you need from a single partner that combines reinsurance expertise, features and capacity with deep capital market knowledge and a variety of formats.
Flexible solutions
Broaden your options with solutions independent of any particular structure. Be it a catastrophe bond, a derivative or a sidecar. Choose from a variety of trigger types such as parametric, market loss, indemnity or a hybrid format, the trigger that best fits to your exposure.
Proven performance
High process and transaction security thanks to our track record of successfully completed transactions for primary insurers, corporates and public sector clients.
A valuable contact-base
Gain the access you need to the relevant investors in the insurance linked securities space.

ILS Success Stories

The following table provides an overview of insurance linked securities transactions that Munich Re was involved on behalf of clients or issued for its own book.
Transaction Issuance Date Maturity Date Volume Perils covered
Azzurro Re II DAC Jul-20 Jan-24 EUR 100m Earthquake Italy
Vitality Re XI Limited Jan-20 Jan-24 USD 200m US health risks
World Bank Catastrophe Bond for the Republic of the Philippines Nov-19 Dec-22 Class A – USD 75m Earthquake
World Bank Catastrophe Bond for the Republic of the Philippines Nov-19 Dec-22 Class B – USD 150m Tropical Cyclone
Atmos Re DAC Feb-19 Feb-22 EUR 45m Atmospheric perils, flood, snow pressure
Vitality Re X Limited Jan-19 Jan-23 USD 200m US health risks
Vitality Re IX Limited Jan-18 Jan-22 USD 200m US health risks
World Bank Catastrophe Bond for the Fonden Aug-17 Aug-20 USD 150m Earthquake Mexico
World Bank Catastrophe Bond for the Fonden Aug-17 Dec-19 USD 100m Earthquake Mexico
World Bank Catastrophe Bond for the Fonden Aug-17 Dec-19 USD 110m Earthquake Mexico
World Bank Catastrophe Bond for the Pandemic Emergency Financing Facility (PEF) Jul-17 Jul-20 Class A – USD 225m Pandemic
World Bank Catastrophe Bond for thePandemic Emergency Financing Facility (PEF) Jul-17 Jul-20 Class B – USD 95m Pandemic
Lion II Re DAC Jun-17 Jul-21 EUR  200m Europe Windstorm, Italy Earthquake, Europe Flood
Vitality Re VIII Limited Jan-17 Jan-21 USD 200m US health risks
Vitality Re VII Limited Jan-16 Jan-20 USD 200m US health risks
Bosphorus Ltd. Aug-15 Aug-18 USD 100m Earthquake Turkey
Azzurro Re I Ltd. Aug-15 Aug-18 EUR 200m Earthquake Europe
World Bank Catastrophe Bond for the Caribbean Catastrophe Risk Insurance Facility (CCRIF) Jun-14 Jun-17 USD 30m Caribbean Earthquake & Tropical Cyclone
Lion I Re Ltd. Apr-14 Apr-17 EUR 190m Europe Wind
VenTerra Re Ltd. Dec-13 Jan-17 USD 250m Earthquake US, Australia Earthquake & Cyclone
Queen City Re Ltd. Dec-13 Jan-17 USD 75m Wind US
Bosphorus 1 Re Ltd. Apr-13 May-16 USD 400m Earthquake Turkey
Tar Heel Re Ltd. Apr-13 May-16 USD 500m Hurricane US
Lakeside Re III Ltd. Dec-12 Jan-16 USD 270m Earthquake Canadian & US
MultiCat Mexico Ltd. Oct-12 Dec-15 Class A – USD 140m Earthquake Mexico
MultiCat Mexico Ltd. Oct-12 Dec-15 Class A – USD 75m Earthquake Mexico
MultiCat Mexico Ltd. Oct-12 Dec-15 Class A – USD 100m Earthquake Mexico
Johnston Re Ltd. Series 2011-1 May-11 May-14 Class A – USD 70m Hurricane US
Johnston Re Ltd. Series 2011-1 May-11 May-14 Class A – USD 132m Hurricane US
Shore Re Ltd. Jul-10 Jul-13 USD 96m Hurricane US
Johnston Re Ltd. Series 2010-1 May-10 May-13 USD 200m Hurricane US
Johnston Re Ltd. Series 2010-1 May-10 May-13 USD 105m Hurricane US
Ianus Capital Ltd. May-09 Jun-12 USD 70mn Earthquake Turkey, Europe Wind
Lakeside Re II Ltd. Dec-09 Jan-13 USD 225m Earthquake US
Muteki Ltd. May-08 May-11 USD 300m Earthquake Japan
Midori Ltd. Oct-07 Oct-12 USD 260m Earthquake Japan
Lakeside Re Dec-06 Dec-09 USD 190m Earthquake US
Transaction Issuance Date Maturity Date Volume Perils covered
Eden Re II Ltd. (Series 2021-1) Dec-20 Mar-25 USD 235m "various perils"
Eden Re II Ltd. (Series 2020-1) Dec-19 Mar-24 USD 285m "various perils"
Eden Re II Ltd. (Series 2019-1) Dec-18 Mar-23 USD 300m "various perils"
Eden Re II Ltd. (Series 2018-1) Dec-17 Mar-22 USD 300m "various perils"
Eden Re II Ltd. (Series 2017-1) Dec-16 Mar-21 USD 360m "various perils"
Eden Re II Ltd. (Series 2016-1) Dec-15 Mar-20 USD 360m "various perils"
Queen Street XI Re dac Dec-15 Jun-19 USD 100m Hurricane US, Australian Cyclone
Queen Street X Re Ltd. Mar-15 Jun-18 USD 100m Hurricane US, Australian Cyclone
Eden Re II Ltd. (Series 2015-1) Dec-14 Mar-19 USD 275m "various perils"
Eden Re I Ltd. (Series 2015-1) Dec-14 Mar-19 USD 75m "various perils"
Queen Street IX Re Ltd. Feb-14 Jun-17 USD 100m Hurricane US, Australian Cyclone
Eden Re I Ltd. (Series 2014-1) Dec-13 Mar-18 USD 75m "various perils"
Queen Street VIII Re Ltd. Jun-13 Jun-16 USD 75m Hurricane US, Australian Cyclone
Queen Street VII Re Ltd. Oct-12 Apr-16 USD 75m Hurricane US, Europe Wind
Queen Street VI Re Ltd. Jul-12 Apr-15 USD 100m Hurricane US, Europe Wind
Queen Street V Capital Ltd. Feb-12 Apr-15 USD 75m Hurricane US, Europe Wind
Queen Street IV Capital Ltd. Oct-11 Apr-15 USD 100m Hurricane US, Europe Wind
Queen Street III Capital Ltd. Jul-11 Aug-14 USD 150m Europe Wind
Queen Street II Capital Ltd. Mar-11 Apr-14 USD 100m Hurricane US, Europe Wind
EOS Wind Ltd. May-10 May-14 Class A - USD 50m Hurricane US
EOS Wind Ltd. May-10 May-14 Class B - USD 30m Hurricane US, Europe Wind
Queen Street Ltd. Mar-08 Mar-11 Class A - USD109m Europe Wind
Queen Street Ltd. Mar-08 Mar-11 Class B - USD 156m Europe Wind
Nathan Ltd. Feb-08 Jan-13 USD 100m Mortality
Carillon Ltd. II May-07 Jan-11 USD 150m Hurricane US
Carillon Ltd. Jun-06 Jan-10 Class A1 - USD 51m Hurricane US
Carillon Ltd. Jun-06 Mar-07 Class A2 - USD 23,5m Hurricane US
Carillon Ltd. Jun-06 Mar-07 Class B - USD 10m Hurricane US
Aiolos Ltd. Nov-05 Apr-09 USD 129m Europe Wind
PRIME Capital Dec-00 Jan-04 USD 129m Hurricane US, Europe Wind
PRIME Capita Dec-00 Jan-04 USD 6m Hurricane US, Europe Wind
PRIME Capital Dec-00 Jan-04 USD 3m Hurricane US, Europe Wind
PRIME Capital Dec-00 Jan-04 USD 159m Hurricane US
PRIME Capital Dec-00 Jan-04 USD 6m Hurricane US
PRIME Capital Dec-00 Jan-04 USD 3m Hurricane US
* excluding private transactions

Let’s get in touch

Discuss your capital market challenges with us and together, let’s find the relevant reinsurance structures which match your local regulatory and business needs.
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