prices dipping
explores cat bond and their alternatives
"Most catastrophe bonds are issued by special purpose reinsurance companies domicilied in the Cayman Islands, Bermuda, or Ireland. These companies typically write one or more reinsurance policies to protect buyers (most commonly, insurers or reinsurers) called "cedants." This contract may be structured as a derivative in cases in which it is "triggered" by one or more indices or event parameters (see below), rather than losses of the cedant."
AON details specific 2013 deals
"North Carolina hurricane cat bond" - example of aggregate coverage.
describes parameters of Turkish cat bond
provides deciptions of recent deals
"One cat bond deal closed in March by Florida's largest property insurer Citizens Property Insurance Corp, is the most aggressive example of downward pricing in the sector's history.
The $250 million bond, Everglades Re Ltd, covers the insurers from hurricanes in Florida.
Even though this bond covers more risk than an identical transaction issued by Citizens last year, the bond priced at 10 percent above U.S. money market yields compared with 17 percent last year."
spreads tightening
"pioneers were the Taiwanese Residential Earthquake Insurance Fund (TREIF) and the California Earthquake Authority (CEA). "