Deal of the year - Aegon
Securitisation of future profits has been talked about extensively but with little concrete action, but a deal by Aegon this year has shown the way for the insurance industry
The insurance business model of large amounts of cash tied up over long periods has at first glance all the attributes that have seen securitisation play such a pivotal role in areas of the finance industry, with the mortgage market being the most prominent example.
In 1998, NPI - now a part of Pearl Group - conducted a £250 million value-in-force (VIF) securitisation, the first time a publicly traded deal of this type was conducted in the UK. But in the decade that followed, there has been
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