28 October 2014 Alternative Risk Transfer

Willis launches cat bond platform

Willis Capital Markets & Advisory (WCMA) has established Resilience Re, a cat bond platform aimed at simplifying client access to cat bond capacity.

Resilience Re will offer clients low cost access to reinsurance capacity sourced from the capital markets. Clients will benefit from cost efficiencies and expedited timelines to secure capacity.

Resilience Re expects to achieve cost efficiencies and expedited timelines in part from simplified processes and documentation for qualifying risks. The platform will provide access to dedicated reinsurance transformers with standardised reinsurance and securitisation processes.

Bill Dubinsky, head of insurance-linked securities at WCMA, said: "We believe that Resilience Re's seamless integration with the reinsurance placement process will make it inherently more scalable than previous ILS private placement efforts."

John Cavanagh, global chief executive officer (CEO) of Willis Re, added: "By adding another source of capacity, Resilience Re will make our clients' reinsurance programmes themselves more resilient. The simplified process can integrate with the standard reinsurance placement or operate on a standalone basis."

Tony Ursano, CEO of WCMA, said: "Efficiently transforming reinsurance risk to the capital markets expands the universe of risk transfer capacity for our clients and at the same time broadens the universe of available risks for investors.

“WCMA has developed a leading ILS platform and Resilience Re will further our involvement in underwriting, arranging, and trading insurance and reinsurance risk. Resilience Re reflects Willis's commitment to innovate and capitalise on opportunities in the growing ILS market."

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