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- Catastrophe_bond abstract "Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.Catastrophe bonds emerged from a need by insurance companies to alleviate some of the risk they would face if a major catastrophe occurred, which would incur damages that they could not cover by the premiums, and returns from investments using the premiums, that they received.[citation needed] An insurance company issues bonds through an investment bank, which are then sold to investors. These bonds are inherently risky, generally BB,[citation needed] and usually have maturities less than 3 years. If no catastrophe occurred, the insurance company would pay a coupon to the investors, who made a healthy return. On the contrary, if a catastrophe did occur, then the principal would be forgiven and the insurance company would use this money to pay their claim-holders. Investors include hedge funds, catastrophe-oriented funds, and asset managers. They are often structured as floating-rate bonds whose principal is lost if specified trigger conditions are met. If triggered the principal is paid to the sponsor. The triggers are linked to major natural catastrophes. Catastrophe bonds are typically used by insurers as an alternative to traditional catastrophe reinsurance.For example, if an insurer has built up a portfolio of risks by insuring properties in Florida, then it might wish to pass some of this risk on so that it can remain solvent after a large hurricane. It could simply purchase traditional catastrophe reinsurance, which would pass the risk on to reinsurers. Or it could sponsor a cat bond, which would pass the risk on to investors. In consultation with an investment bank, it would create a special purpose entity that would issue the cat bond. Investors would buy the bond, which might pay them a coupon of LIBOR plus a spread, generally (but not always) between 3 and 20%. If no hurricane hit Florida, then the investors would make a healthy return on their investment. But if a hurricane were to hit Florida and trigger the cat bond, then the principal initially paid by the investors would be forgiven, and instead used by the sponsor to pay its claims to policyholders.Michael Moriarty, Deputy Superintendent of the New York State Insurance Department, has been at the forefront of state regulatory efforts to have U.S. regulators encourage the development of insurance securitizations through cat bonds in the United States instead of off-shore, through encouraging two different methods—protected cells and special purpose reinsurance vehicles. In August 2007 Michael Lewis, the author of Liar's Poker and Moneyball, wrote an article about catastrophe bonds that appeared in The New York Times Magazine, entitled "In Nature's Casino."".
- Catastrophe_bond thumbnail Destruction_following_hurricane_andrew.jpg?width=300.
- Catastrophe_bond wikiPageExternalLink catmanagers.org.
- Catastrophe_bond wikiPageExternalLink WP04_6.pdf.
- Catastrophe_bond wikiPageExternalLink Hernandez.pdf.
- Catastrophe_bond wikiPageExternalLink catastrophe-bonds.
- Catastrophe_bond wikiPageExternalLink deal_directory.
- Catastrophe_bond wikiPageExternalLink article.html?aid=535.
- Catastrophe_bond wikiPageExternalLink catastrophe-bonds.
- Catastrophe_bond wikiPageExternalLink www.ilseurope.co.uk.
- Catastrophe_bond wikiPageExternalLink www.ilsnewyork.com.
- Catastrophe_bond wikiPageExternalLink re.htm.
- Catastrophe_bond wikiPageExternalLink display_analysis.asp?cs_id=199575.
- Catastrophe_bond wikiPageExternalLink www.lanefinancialllc.com.
- Catastrophe_bond wikiPageExternalLink publications.taf?function=detail&ID=38801147&cat=finlab.
- Catastrophe_bond wikiPageExternalLink 26neworleans-t.html.
- Catastrophe_bond wikiPageExternalLink showthread.php?t=754.
- Catastrophe_bond wikiPageExternalLink www.reinsuranceguru.com.
- Catastrophe_bond wikiPageExternalLink showPage.html?page=339476.
- Catastrophe_bond wikiPageExternalLink showPage.html?page=480637.
- Catastrophe_bond wikiPageExternalLink showPage.html?page=480638.
- Catastrophe_bond wikiPageExternalLink 81174441.
- Catastrophe_bond wikiPageExternalLink fc02f680455c6b548a5fba80a45d76a0-sigma7_2006_e.pdf.
- Catastrophe_bond wikiPageExternalLink investing-in-disasters-hurricane-edition.
- Catastrophe_bond wikiPageExternalLink industryFocus.pl?articleId=19296&issueDate=2006-07-16.
- Catastrophe_bond wikiPageID "3343775".
- Catastrophe_bond wikiPageRevisionID "604741894".
- Catastrophe_bond hasPhotoCollection Catastrophe_bond.
- Catastrophe_bond subject Category:Bonds_(finance).
- Catastrophe_bond subject Category:Insurance.
- Catastrophe_bond subject Category:Offshore_finance.
- Catastrophe_bond subject Category:Reinsurance.
- Catastrophe_bond subject Category:Types_of_insurance.
- Catastrophe_bond type Attraction111426530.
- Catastrophe_bond type Bonds.
- Catastrophe_bond type ChemicalBond111436283.
- Catastrophe_bond type Force111458624.
- Catastrophe_bond type NaturalPhenomenon111408559.
- Catastrophe_bond type Phenomenon100034213.
- Catastrophe_bond type PhysicalEntity100001930.
- Catastrophe_bond type PhysicalPhenomenon111419404.
- Catastrophe_bond type Process100029677.
- Catastrophe_bond comment "Catastrophe bonds (also known as cat bonds) are risk-linked securities that transfer a specified set of risks from a sponsor to investors.".
- Catastrophe_bond label "Catastrophe bond".
- Catastrophe_bond label "Katastrophenanleihe".
- Catastrophe_bond label "キャットボンド".
- Catastrophe_bond sameAs Katastrophenanleihe.
- Catastrophe_bond sameAs キャットボンド.
- Catastrophe_bond sameAs m.096vjw.
- Catastrophe_bond sameAs Q1735642.
- Catastrophe_bond sameAs Q1735642.
- Catastrophe_bond sameAs Catastrophe_bond.
- Catastrophe_bond wasDerivedFrom Catastrophe_bond?oldid=604741894.
- Catastrophe_bond depiction Destruction_following_hurricane_andrew.jpg.
- Catastrophe_bond isPrimaryTopicOf Catastrophe_bond.