In concept, Structuring is similar to the well-established bank model for credit structuring desks, but with a focus on execution in insurance markets (whether funded/unfunded or collateralised/uncollateralized). Relevant assets for consideration may come from new transactions arranged by the client, existing assets held in a portfolio or legacy assets where exit or resolution is the objective.
Client motivations can include:
- Capital management solutions
- Risk concentration management
- Portfolio rebalancing / diversification
- Single name exposure reduction
- Balance sheet optimisation
- Legacy / resolution solutions
We arrange and execute transactions that do not fit the current mainstream credit and political risk insurance core business model. The business is focused on credit products, but other financial asset classes can be considered (e.g. contingent capital and residual value guarantees).
Asset classes include:
- Loans (single names and portfolios)
- Sovereign bonds
- Derivative counterparty credit exposures
- Securities lending gap risk
- Subscription / capital call liquidity facilities
- Receivable securitisation dilution credit risk
- Financing structures
- Proportional / non-proportional structures
- Unfunded risk participations
- Hybrid solutions (credit + other risk combinations)
- Synthetic securitisations
In addition to re/insurance, we have the capability to advise on and arrange funded and derivative transactions, where appropriate. Team members are authorized to operate in both insurance (Willis Ltd) and cash, securities and derivative markets (Willis Securities Europe Ltd).
Who we serve:
- Corporate and investment banking groups
- Insurers (life and P&C)
- Pension funds / asset managers
- Specialist credit funds
We recognize the power of thinking differently and so the team has substantial experience in the credit insurance markets from previous and current roles in investment banking, structured credit insurance and financial guarantee underwriting as well as structured credit insurance broking.