Insurance-linked securities market update

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      <subfield code="a"> ILS investors faced further loss creep from prior-year events and widespread mark-to-market losses as spreads progressively widened. Specific to 2019, no major US hurricanes or wildfires impacted any outstanding securities, however Japan, like in 2018, saw two large typhoons toward the end of the year. These events alone may not have triggered any specific catastrophe bonds, but the losses were felt across collateralized reinsurance and sidecar structures where global- or Japan based insurers acted as cedents.In addition, loss payments were made  throughout 2019 on existing catastrophe bonds from events occurring in 2017 and 2018 with the outstanding notional on such bonds reducing accordingly</subfield>
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      <subfield code="a">Seguros vinculados a valores</subfield>
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