In this A.M.BestTV episode, A.M. Best Managing Director and Global Head of Insurance-Linked Securities Emmanuel Modu addresses the topics of surplus notes and insurance trust preferred collateralized debt obligations (CDO) that were discussed at a recent webinar. Click on http://www.ambest.com/v.asp?v=cdo116 to view the entire program.

“Between 2002-2003 there was a spike in the issuance of surplus notes from 28 to 57, as well as a corresponding spike in the principal amount from $843 million to $2.5 billion, which was attributable to the advent of the surplus notes trust preferred securities CDOs,” said Modu. Looking at the growth of surplus notes outstanding issuances by segment, Modu said life/annuity led the group with $29 billion, followed by property/casualty at $15 billion and health at $4 billion.

The complete webinar can be seen at http://www3.ambest.com/ambv/displaycontent/Video.aspx?rc=244539.

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