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We recently learned Amundi Pioneer’s phone number has been used as part of a spoofing scam perpetrated by certain bad actors unassociated with our firm. In conducting this scam these individuals are requesting social security numbers and/or other sensitive personal information in connection with a sweepstakes entry or other promotion. Such phone calls are not from Amundi Pioneer. We would never communicate with our clients or others in this manner. If you receive such a call, you should hang up and not provide any personal information. Please feel free to contact us directly with any questions or concerns. To learn more about similar scams and what you can do to prevent telemarketing fraud, please visit https://www.fcc.gov/consumers/guides/spoofing-and-caller-id »

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Our latest insights, perspectives and updates on Insurance-Linked Securities and the Pioneer ILS Interval Fund.

Portfolio Event Update: Hurricane Michael

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October 11, 2018 

 

Hurricane Michael made landfall near Mexico Beach, Florida, just east of Panama City at around 2:00 pm CT Wednesday October 10 as a Category 4 hurricane, with sustained wind speeds around 155mph. Currently, forecasters are anticipating the storm will yield less flood damage than both hurricanes Florence and Harvey.

Portfolio Event Update: Typhoon Trami

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October 1, 2018 

 

2018 has seen an unusually active season for typhoons in Japan. As a follow up to Typhoon Jebi from earlier in September, Typhoon Trami made landfall on September 30. Typhoon Trami was a powerful storm that made landfall at a speed of 120 mph and had a maximum radius of 174 miles. 

Portfolio Event Update: Hurricane Florence, Part 2

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September 18, 2018 

 

Hurricane Florence made landfall near Wrightsville Beach, just east of Wilmington, North Carolina, at 7:15 am ET Friday, September 14 as a Category 1 hurricane, with sustained winds of 90 mph. Hurricane Florence moved very slowly west to southwestward as it produced torrential rainfall over the Carolinas. Late on September 14, Florence weakened to a tropical storm while dropping heavy rain. 

 

Portfolio Event Update: Hurricane Florence, Part 1

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September 14, 2018 

 

Hurricane Florence made landfall near Wrightsville Beach, just east of Wilmington North Carolina at 7:15 am ET Friday, September 14 as a Category 1 hurricane. Although there were numerous models and forecasted storm tracks leading up to landfall, the actual path of Florence took a more westerly path and had increased impact on the gulf side of the state. 

Portfolio Event Update: Hurricane Lane

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August 27, 2018

 

Hurricane Lane was once a Category 5 storm in the Pacific Ocean. It passed west of the Hawaiian islands of Oahu, Molokai and Maui mid-day Friday, August 24 as a Category 1 storm.  It did not make landfall. However, the outer rain bands did dump between 30-40 inches of rain, depending on location, according to the National Weather Service.

 

Portfolio Event Update: Western Japan Flood

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July 07, 2018 (ongoing)

 

Record rainfall has deluged central and southwestern Japan that started on July 7 causing widespread flooding, landslides along with building and infrastructure damage. Reports indicate that more than 30,000 people have been forced to relocate to evacuation centers. Government evacuation advisories were also issued in 19 prefectures which could result in tens of thousands more relocating as a result of the flooding.  Most recent news reports cite 104 confirmed dead and 50 missing.

 

Portfolio Event Update: Osaka Earthquake

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June 18, 2018

 

A magnitude 5.3 earthquake struck the northern part of Osaka Japan in the Nara prefecture on June 18 at 7:58 am local time (22:58 UCT, June 17). The earthquake originally measured M6.1 but was subsequently downgraded by the US
Geological Survey (USGS).

Portfolio Event Update: Hawaii Earthquake

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May 7, 2018

 

A magnitude 6.9 earthquake struck in the island of Hawaii on May 4 shortly after 6:32 PM local time. The earthquake was at a depth of 3 miles. Volcanic activity at the Kilauea site has been almost continuously erupting since 1983, according to the US Geological Survey. 

ILS News Archive

Portfolio Event Update: California Wildfires, Part 4

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December 12, 2017 

 

Since the beginning of the wildfires on December 4, 2017 the events in Southern California have quickly evolved.  As of the publishing of this Event Update, approximately 260,000 acres have been burned by the six named fires. 

Portfolio Event Update: California Wildfires, Part 3

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December 8, 2017 

 

Approximately 141,000 acres have been burned by the seven named fires in Southern California. The Thomas fire in Ventura has already destroyed more than 106 structures and forced the evacuation of approximately 190,000 people.

PEF: New Peril a “Momentous Step”

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November 17, 2017 

 

This year the World Bank, through its Pandemic Emergency Financing Facility (PEF), offered over $500 million of coverage to developing countries against the risk of pandemic outbreaks across the next five years. This offering included $320 million in pandemic catastrophe bond issuance. 

Trend Watch: Expected Insurance Losses in 2017

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November 8, 2017 

 

Munich Re recently released its latest report of global natural catastrophe loss events and their possible near term impact on the reinsurance industry – and the results may come as a surprise.

Ask the Team

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October 26, 2017 

 

In the first half of 2017, catastrophe bonds and ILS issuance exceeded all previous records. What is driving that demand and how does it impact the market?

Portfolio Event Update: California Wildfires, Part 2

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October 19, 2017 

 

Almost 10,000 firefighters continue to make progress on large wildfires burning in the state of California. Fortunately, cooler weather and increased humidity have helped firefighters in their efforts to control and contain the fires, and weather conditions will continue to help as light rain is forecast in Northern California.

Portfolio Event Update: California Wildfires, Part 1

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October 11, 2017 

 

Approximately 15 separate wildfires have been reported in the California counties of Napa, Sonoma and Yuba impacting more than 115,000 acres of land and possibly destroying 1,700 structures making these wildfires one of the most destructive on record in the state.  

Portfolio Event Update: Hurricane Nate

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October 9, 2017 

 

Hurricane Nate made landfall near the base of the Mississippi River late Saturday evening as a Category 1 storm. Nate then made a second landfall near Biloxi, Mississippi and continued toward Louisiana, passing east of New Orleans while being downgraded to a tropical storm.  

Portfolio Event Update: Raboso, Mexico Earthquake

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September 19, 2017 

 

A magnitude 7.1 earthquake struck in the state of Puebla approximately 100 miles southeast of Mexico City on September 19 shortly after 1:00 pm local time. The earthquake was at a depth of 31 miles. 

Portfolio Event Update: Hurricane Irma, Part 2

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September 14, 2017 

 

Currently the focus is on recovery and relief to victims left in the destructive path caused by Hurricane Irma. This effort may take weeks and months to fully complete.

Portfolio Event Update: Hurricane Irma, Part 1

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September 11, 2017

 

After causing significant destruction in the Virgin Islands, Puerto Rico, the Dominican Republic and Cuba, Hurricane Irma made landfall in the Florida Keys on early Sunday morning as a Category 4 storm.

Catastrophe Bonds – The Most Familiar Form of ILS Insurance-Linked Securities

July 24, 2017 

 

For bond investors, the most familiar of these types of ILS are catastrophe bonds (CAT bonds), whose return of principal depends on the non-occurrence of a predefined catastrophic event during a specific risk period – usually one to four years in duration.

 

 

 

What are Insurance-Linked Securities?

July 17, 2017

 

Insurance-linked securities (ILS) are financial instruments whose performance depends upon insurance risk rather than traditional financial risk. The most widely accepted forms of insurance-linked securities are those related to catastrophe risk, or the risk of primarily natural disasters (perils). 

 

 

 

 

Please consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the Fund and should be read carefully before you invest or send money. To obtain a prospectus and for other information on any Pioneer fund, call 1-844-391-3034 or visit our web site at amundipioneer.com.

Individuals are encouraged to seek advice from their financial, legal, tax and other appropriate advisers before making any investment or financial decisions or purchasing any financial, securities or investment-related product or service, including any product or service described in these materials. Amundi Pioneer does not provide investment advice or investment recommendations

A Word about Risk:

Certain fees and expenses are associated with an investment in Pioneer ILS Interval Fund.

Please see a prospectus for a complete discussion of the Fund’s risks. The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment. The Fund is not a complete investment program. The Fund invests primarily in insurance-linked securities (“ILS”), which are high yield debt securities that involve a high degree of risk. The Fund is operated as an interval fund, meaning the Fund will seek to conduct quarterly repurchase offers for a percentage of the Fund’s outstanding shares. Although the Fund will make quarterly repurchase offers, the Fund’s shares should be considered illiquid.

Insurance-linked securities may include event-linked bonds (also known as insurance-linked bonds or catastrophe bonds). The return of principal and the payment of interest on event-linked bonds are contingent on the non-occurrence of a predefined “trigger” event that leads to physical or economic loss, such as a hurricane or an aerospace catastrophe. Event-linked bonds may expose the Fund to other risks, including, but not limited to, issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. The Fund may also invest in structured reinsurance investments or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business (known as “quota share” instruments or “reinsurance sidecars”). Investors participate in the premiums and losses associated with these underlying contracts, into which the Fund has limited transparency. The size of the ILS market may change over time, which may limit the availability of ILS for investment. The availability of ILS in the secondary market may also be limited. Certain securities, including ILS, structured reinsurance investments and derivatives, may be impossible or difficult to purchase, sell, or unwind. Such securities and derivatives also may be difficult to value. The values of Fund holdings may go up or down, due to market conditions, inflation, changes in interest or currency rates and lack of liquidity in the bond market. Investments in high yield or lower-rated securities are subject to greater-than-average price volatility, illiquidity, and possibility of default. When interest rates rise, the prices of fixed income securities in the Fund will generally fall. Conversely, when interest rates fall, the prices of fixed income securities will generally rise. Investments in the Fund are subject to possible loss due to the financial failure of issuers of underlying securities and their inability to meet their debt obligations. Prepayment risk is the chance that an issuer may exercise its right to prepay its security, if falling interest rates prompt the issuer to do so. Forced to reinvest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income and lose the opportunity for additional price appreciation. The Fund may invest in floating rate loans and similar instruments which may be illiquid or less liquid than other investments. The value of any collateral can decline or be insufficient to meet the issuer’s obliga­tions. The securities issued by US Government-sponsored entities (e.g., FNMA, Freddie Mac) are neither guaranteed nor issued by the US Government. The Fund may use deriva­tives, such as swaps, inverse floating rate obligations and others, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on the Fund’s performance. Derivatives may have a leveraging effect. Investing in foreign and/or emerging market securities involves risks relating to interest rates, currency exchange rates, and economic and political conditions. These risks may increase share price volatility. There is no assurance that these and other strategies used by the Fund will be successful.

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