Insurance ABS

May 2016: Secquaero securitised a book of life insurance policies to raise arpound €70m of cash that it intends to use to repay existing debt. ABS holders will be exposed to mortality and policy lapse risks. Details here

Dec 2014: Reinsurance Group of America (RGA) has securitised a book of life insurance reinsurance contracts, raising $300m. The reinsurance involves annual renewal of contracts with 100 insurers. Details here and here

Moody's considered the issue credit-negative because it belives RGA will not be able to each as high an RoI had it retained the securitised book. If this is true, it seems RGA is giving up NPV by securitising, but it might have other more important reasons. See this discussion here

Jan 2006: Swiss Re completed a credit insurance securitisation, raising €252m. "Credit Insurance provides protection against financial losses resulting from the failure of a policyholder's business clients to make timely payments for goods or services that the policyholder supplied to them. Credit insurance may extend to a customer in the domestic market of the applicable policyholder, but could also include some or all of its export markets. " Details here

The transaction subsequently soured because of claims and investors lost their principal. Details here