title = "ILS and Catastrophe Bonds"

content = """
Insurance-linked securities (ILS) and catastrophe bonds transfer insurance risk to capital markets. They are used primarily for catastrophe coverage.

**Structure:** A special purpose vehicle (SPV) issues bonds to investors. The SPV enters a reinsurance contract with the cedent. If a covered catastrophe occurs, the SPV pays the cedent and bond principal may be reduced.

**Triggers:** Indemnity (actual cedent losses), industry index, or parametric (e.g., earthquake magnitude). Trigger choice affects basis risk and investor appetite.

**Administration:** ILS transactions have specific documentation and reporting. Loss reporting to the SPV follows the transaction terms. Operations coordinates with legal and finance.
"""  # noqa: E501

version = "0.0.1"
