ILWs help reinsurers mask true cat risk exposures from investors


Some reinsurers are taking on more catastrophe risk than their investors realise by using industry loss warranties (ILWs) to offset the risk, which ultimately masks the true extent of their cat exposure, claims Stephen Postlewhite, chief executive of Aspen Re.

Stephen Postlewhite, Aspen Re, ILW, Flood Re, Bermuda

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