Name: TD Insurance Sponsors First Canadian Catastrophe Bond - Why, How, and What's Next?
Start: 2025-04-22T15:00:00Z
End: 2025-04-22T15:00:45.000Z
Location: BrightTALK
Rating: 0

Morningstar DBRS is a leading provider of independent rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,000 issuers and 60,000 securities, we are one of the top four credit rating agencies in the world and a market leader in Canada, the U.S. and Europe in multiple asset classes.



The start of 2025 has brought a wave of change in the maritime shipping industry, including a realignment of shipping alliances, the risk of fleet overcapacity, and escalating trade tensions. Join Morningstar DBRS analysts from our Corporate and Financial Institution Ratings Groups as we discuss how these industry trends and headwinds are expected to impact shipping companies, container terminal operators and financial institutions with exposure to the shipping sector.

2025 Credit Outlook: Shipping Industry - Ports, Companies and Financing

On February 3, 2025, Morningstar DBRS released its updated  “Global Methodology for Rating Companies in Manufacturing and Production Industries” and  “Global Methodology for Rating Companies in Services Industries“. The two methodologies now encompass over fifteen industry supplements, across our Diversified Industries credit rating universe. The updates also include various changes to the methodologies’ structure and analytical approach throughout the credit rating process.

Join us for a methodology review webinar as we explore Morningstar DBRS’ updated approach to rating issuers in our Diversified Industries coverage universe. The webinar will be presented by Moritz Steinbauer, Senior Vice President and Sector Lead, Diversified Industries, Corporate Credit Ratings. The audience is invited to participate in a Q&A session after a brief presentation.

Methodology Update: Diversified Industries

New issue and refreshed CEs in Q4 2024 exceeded a three-year record high, pushing 2024's total volume to 1,424, marking a 3.6% growth over 2023. During the fourth and final quarter of 2024, Morningstar DBRS issued and refreshed a total of 135 CEs across 422 borrowers for 29 lenders including managers of CLOs and private credit funds. Total volumes include CEs assigned to new borrowers and existing CEs refreshed for periodic review and amendments, as well as a handful of internal assessments. Currently, Morningstar DBRS assigns CEs to about 1,400 leveraged corporate borrowers. 

Join Morningstar DBRS on Wednesday, February 12 at 2:00 p.m. EST for a Frontline Perspectives webinar detailing fourth-quarter CE activity and performance, presented by Jerry van Koolbergen and Orest Gavrylak. The discussion will highlight overall credit quality, financial metrics year-to-date, revenue growth, and anticipated CE volume in the first quarter of 2025.

Credit Estimate Quarterly Snapshot Q4 2024

Morningstar DBRS invites you to attend a webinar focusing on its 2025 Outlook for European Structured Finance on 31 January 2025 at 12:00 p.m. GMT, 1:00 p.m. CET

The discussion will be led by the Morningstar DBRS’ European Structured Finance analytical team and will focus on expectations for 2025 and collateral performance and credit ratings outlook of various sectors for the year ahead in the European Securitisation markets.

The discussion will last approximately 45 minutes and will be followed by an interactive question-and-answer session. Morningstar DBRS welcomes all who wish to participate.

2025 Credit Outlook: European Structured Finance

The post-election political landscape in the United States presents Republicans with a significant opportunity to advance their economic agenda. This includes tax cuts, tariffs, and a lighter regulatory footprint. In this webinar, we explore how shifting economic policies in the U.S. might impact credit fundamentals across four sectors: U.S. financial institutions, oil and gas companies, renewable energy projects, and middle market companies.

Frontline Perspectives: The Impact of U.S. Policies on Credit Fundamentals Across Industries

Morningstar DBRS expects more downgrades and rising defaults into 2025 for privately rated middle-market companies, though at a slower pace compared to 2024. While many issuers continued to face challenging operating conditions, we note that fundamentals have been strengthening across a broader set of less vulnerable middle-market firms. 

Join us for a webinar on Tuesday, January 28 at 3 p.m. EST for a discussion focused on our 2025 private credit outlook. The webinar will be hosted by Michael Dimler, Senior Vice President, Private Credit and moderated by Michael Zbinovec, Senior Vice President, Private Credit. The discussion will focus on recent trends in credit ratings and underlying credit quality as well as key market factors pertaining to private credit. 

Following the presentation, the audience is invited to participate in a Q&A session.

2025 Credit Outlook: Private Credit

The overall F2025 credit rating outlook for the Canadian banks is largely stable, as we expect monetary policy easing to provide some much-needed relief to indebted consumers and businesses. Although we expect further deterioration in credit metrics heading into 2025, an anticipated moderation in PCL in the second half of the year and a generally positive economic growth outlook in North America will likely result in improved earnings. However, the operating and macroeconomic environments still face some challenges with risks skewed heavily to the downside as a result of heightened policy uncertainty and geopolitical risks.

Join us for a discussion on growth, profitability, credit quality, and capitalization of large and medium-sized Canadian banks in the year ahead.

2025 Credit Outlook: Canadian Banking

Join us on 28 January for a 2025 Credit Outlook webinar on European Auto Industry, Finance, and ABS hosted by Robert Streda, Senior Vice President, European Corporate Ratings, Halil Senturk, Assistant Vice President, European Financial Institution Ratings and Guglielmo Panizza, Vice President, European ABS Ratings. 
Key topics to be discussed: 

• The automotive market conditions in Europe, highlighting factors such as potential tariffs, and our overall credit rating outlook for the automotive industry in 2025. 
• The performance of captive finance and auto leasing companies, and our credit outlook for the European auto finance sector in 2025.
• Trends affecting the performance of portfolios of auto loans and leases and the impact on our European Auto ABS credit ratings in 2025.
 
The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. We welcome all who wish to participate.

2025 Credit Outlook: European Auto Industry, Finance and ABS

Join Morningstar DBRS for a 2025 Credit Outlook webinar on Italy's macroeconomic economic outlook presented by Javier Rouillet, Senior Vice President, Global Sovereign Ratings.

In this webinar, we will discuss overall recent economic developments, main growth drivers and factors to watch in 2025. Also, we will be discussing public finance trends.

2025 Credit Outlook: Italy

Join Morningstar DBRS on 12 December 2024 for a webinar hosted by Sonja Forster, Senior Vice President, European Financial Institution Ratings and Arnaud Journois, Senior Vice President, European Financial Institution Ratings. Our analysts will focus on European banking trends in 2024 and delve into the challenges expected in 2025, with emphasis on the impact of rate cuts, asset quality trends, the geopolitical environment and regulatory changes.

The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. Morningstar DBRS welcomes all who wish to participate.

2025 Credit Outlook: European Banking

Morningstar DBRS released its semiannual North America Macroeconomic Update. The U.S. economy continues to experience robust and broad-based growth. The IMF projects the economy will expand 2.8% this year, which is more than double the growth rate of the next fastest country among the G-10. Whereas the U.S. is operating at or above capacity, Canada is operating with slack. We expect growth in Canada to accelerate in 2025 from its lackluster performance in 2024. Labor markets look better balanced going into 2025, and inflation trends are favorable. The greatest risk to the outlook comes from the potential imposition of tariffs.

2025 Credit Outlook: North America Macroeconomic Update

During the third quarter of 2024, Morningstar DBRS issued and refreshed a total of 381 CEs across 362 borrowers for 27 lenders including managers of CLOs and private credit funds. Total volumes include CEs assigned to new borrowers and existing CEs refreshed for periodic review and amendments, as well as a handful of internal assessments. Currently, Morningstar DBRS assigns CEs to about 1,400 leveraged corporate borrowers. CEs are not credit ratings, but rather point-in-time assessments of credit quality, which are used to estimate borrower default likelihood in CLOs, rated feeder funds, investment fund debt, equipment leases, and other structured finance transactions.

Join Morningstar DBRS on December 11 at 1:00 p.m. ET for a Frontline Perspectives webinar detailing third-quarter CE activity and performance, presented by Jerry van Koolbergen and Orest Gavrylak. The discussion will highlight overall credit quality, financial metrics year-to-date, revenue growth, and anticipated CE volume in the final quarter of 2024.

Frontline Perspectives: Credit Estimate Quarterly Snapshot Q3 2024

The credit quality of Canadian provinces remains strong and resilient. Under the weight of higher interest rates, economic growth has been lacklustre in 2024. As a result, fiscal improvement has largely stalled or taken a step backwards in some cases; however, provincial debt-to-GDP remains largely in check, helped by material upward revisions to historical GDP.  Looking ahead to 2025, we see little prospect of ratings improvement, while downside may be increasing for some. A further easing in monetary policy is expected to provide a boost to domestic economic activity, although changes to federal immigration policy and the threat of more restrictive trade policy cloud the outlook. Political uncertainty remains heightened in Canada with a federal election required by the fourth quarter, if not earlier, and the potential for an early election in Canada's most populous province, Ontario.

2025 Credit Outlook: Canadian Provincial Ratings

DBRS Morningstar invites you to attend a webinar on the 10th of December. The webinar will be hosted by Mario De Cicco, Vice President, Global Insurance & Pension Ratings and Javier Rouillet, Senior Vice President, Global Sovereign Ratings

In this webinar, they will provide observations on the performance of the Italian Insurance sector during 2024, as well as our outlook for 2025. Our analysts will share their perspectives on the potential challenges and opportunities for Italian insurers that lay ahead in the current macroeconomic and geopolitical environment.

The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. Morningstar DBRS welcomes all who wish to participate.

*This webinar will be in English

2025 Credit Outlook: Italian Insurance

Global economic conditions have remained broadly favorable during 2024. as major central banks in the Americas and Europe have begun reducing interest rates with the easing of inflationary pressures. As rates continue to gradually decrease, monetary policy is expected to be less of a drag on economic activity in 2025. While the IMF World Economic Outlook predicts global growth in the year ahead, we remain cautious of the impacts of U.S. policy changes, regional conflicts, China's domestic growth and tension with Western democracies, and increasing climate and weather risks.

Further, democracies with federal elections in 2025 include Canada, Australia, Germany, and Poland, all of which could change the global landscape. Affordability concerns and low consumer confidence has persisted in many advanced economies, resulting in political discontent and weaker private consumption growth.

2025 Credit Outlook: Sovereign Ratings

Join Morningstar DBRS on 05 December for a Frontline Perspectives Webinar on navigating geopolitical challenges. This panel will explore the major geopolitical challenges currently shaping the global landscape. The discussion will cover critical regions, including the Baltics, Scandinavia and both Northern and Southern Europe, with a focus on the impact of security 

The panel will also examine how these geopolitical risks influence European sovereign credit ratings, highlighting potential mitigating factors and the likelihood of opportunities

Frontline Perspective - Navigating Geopolitical Challenges:  Insights from European  Sovereign Analysts

Join Morningstar DBRS for a webinar on 04 December hosted by Jorge Espinosa, Assistant Vice President, Global Sovereign Ratings. 

In this webinar, they will provide insights on the evolution of the fiscal performance of the Spanish regions in 2024, as well as our outlook for 2025. Our analysts will share their perspectives on the potential challenges and opportunities for these regions and discuss interest rates, debt metrics and fiscal consolidation.
The discussion will last approximately 30 minutes and will be followed by an interactive question-and-answer session. Morningstar DBRS welcomes all who wish to participate.

2025 Credit Outlook: Spanish Autonomous Communities

In early 2025, TD Insurance issued Canada's first catastrophe bond (CAT bond), created specifically with the purpose of transferring risks associated with Canadian natural catastrophes to capital market investors. 

With this issuance, will other Canadian insurers follow? How attractive are CAT bonds to potential investors? Further, how have CAT bond markets evolved over their short history and what can be said about their performance? Are the escalating costs of natural catastrophe losses making them essential for continued insurability?

In this Frontline Perspectives webinar, President & CEO of TD Insurance, James Russell, will join Morningstar DBRS’ Nadja Dreff and Victor Adesanya to discuss TD Insurance’s debut CAT bond issuance and consider the future of such bonds in the context of the broader Canadian and international insurance markets.

TD Insurance Sponsors First Canadian Catastrophe Bond - Why, How, and What's Next?

Bonds

Capital Markets

Climate Change

Disaster Recovery

Insurance

Investment Management

Risk Management

Property

Interest Rates

Portfolio Management

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TD Insurance Sponsors First Canadian Catastrophe Bond - Why, How, and What's Next?

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