ILS Market Update January 2015
Cue the marching band and release the confetti, the Insurance Linked Securities (ILS) market has finally broken the record for new issuance achieved back in 2007. Powered by a monumental first half of issuance, which itself was larger than all but three full years of issuance, 2014 saw USD 8.29bn of new issuance, just clearing the record level of USD 8.24bn set in 2007. It was a tight finish, one which saw the last offering of the year upsized just enough to clear the previous record issuance mark. Once again new issuance outpaced maturing bonds leading to strong growth of the market. After contracting for four straight years beginning in 2008 the market has seen three consecutive years of approximately 20% yearly growth, growing to a record USD 24.1 bn outstanding.
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