8 - 25%               January 1

​                            April 1

​                           June 1

A derivative contract between two parties. One party pays the other party a premium in return for coverage for a specified event that causes industry wide losses that exceed a specified threshold. Maturities are typically one year.

5 - 10%             January 1

                          April 1

                          June 1​​

Transactions Include:

Privately structured agreements to insure a specific portfolio of insurance contracts against losses from certain perils. Typically one year in maturity.

ILS Investments

7 - 30%              June 1

Quota-Share Retrocessional

Excess-of-Loss Retrocessional
(“XOL Retro” & “Cat Bonds”)

Privately structured agreements to insure a pro-rata percentage of portfolio of insurance contracts alongside a global reinsurance company. Typically one year in maturity.

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Industry Loss Warranties

("ILWs")