Industry WIKI

An insurance-linked security (ILS) is a type of financial asset whose value is driven by insurance loss events. Those such instruments that are linked to property losses due to natural catastrophes represent a unique asset class, the return from which is uncorrelated with that of other marketable asset classes.

The International Swaps and Derivatives Association (ISDA ) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York City.

Novation, in contract law and business law, is the act of –