Aon Benfield Securities has launched a new streamlined client facility, CATstream.
The new software, streamlines the catastrophe bond application and approval process. Catastrophe bonds will be established in half the time of a typical product, according to Aon.
Paul Schultz, CEO of Aon Benfield Securities, said: “We are launching CATstream at a time when the insurance-linked securities (ILS), market is showing continued strength; where sponsor and investor demand for ILS products is at an all-time high.”
The new software offers cedants faster access to capital markets capacity for catastrophe risk. CATstream currently allows for the domicilation of special purpose insurers (SPIs) in Bermuda and Ireland.
CATstream can also be used to structure transactions with index and indemnity trigger structures that relate to perils and territories, enabling clients to enjoy capacity diversification.
Schultz added: “We believe that this facility can only promote the growth of the market, by enabling sponsors to secure capital markets coverage within a short timeframe for the structuring of products in strong and proven domiciles at lower fractional costs.”
