Belgium’s Ethias adopts Nomura’s Flexis to hedge insurance contracts

Belgium’s second largest insurer, Ethias, has adopted Nomura’s Flexis structure in the first deal of its kind in the local retail insurance market. The Lift Security 12/2009 structure features a bankruptcy-remote special purpose vehicle as the issuer, which uses Belgian government bonds as collateral. Ethias had conducted a so-called beauty parade for a product that it could buy as a hedge against the insurance contracts it was selling to its clients. The capital is guaranteed by