TY - JOUR T1 - Securitization in the Life Insurance Industry JF - The Journal of Structured Finance SP - 23 LP - 29 DO - 10.3905/jsf.2006.644151 VL - 12 IS - 2 AU - Stephen G. Rooney AU - Katherine J. Brennan Y1 - 2006/07/31 UR - https://pm-research.com/content/12/2/23.abstract N2 - Securitization structures have proven to be an effective means of accessing the capital markets to fund long-term life insurance reserves as an alternative to traditional, shorter-term sources of capital funding in the insurance industry. In the past five years, life insurance securitization has emerged as a significant development in the capital markets, with more than $10 billion of life securitizations coming to market in this period involving more than 15 different sponsoring life insurers and reinsurers. This article focuses on three types of life insurance securitizations that have witnessed the most significant growth in recent years: (1) regulatory reserve securitizations, (2) block-of-business securitizations, and (3) mortality catastrophe bonds. Life insurance regulatory reserve securitizations, in particular Regulation XXX securitizations, have provided the most significant growth in the life insurance securitization market in the last three years. Securitization techniques have also recently been applied to support reserves and capital requirements with respect to certain defined blocks of business, as well as to provide a significant source of catastrophic mortality risk cover for life insurers and reinsurers.TOPICS: Credit risk management, exchanges/markets/clearinghouses ER -