Diploma in Catastrophe Bond Structuring
Online postgraduate diploma of 800 hours in catastrophe bond structuring. 8 modules covering catastrophe bonds and ILS, the legal and regulatory framework, triggers and risk modelling, transaction structure and parties, pricing and investor analysis, accounting and solvency treatment, issuance and secondary market, and an integrative case study, with an assigned technical tutor.
Diploma in Catastrophe Bond Structuring — studying from Malta
Insurance is one of Malta's established financial sectors, with a regulatory framework that has attracted captive insurers, reinsurers and specialist underwriters. This creates demand for professionals who can model risk, analyse claims data and support actuarial functions. Engineers with statistical skills are valued in pricing, reserving and risk management. Employers include licensed insurers, brokers, consultancies and the regulator itself, where quantitative and technical expertise is increasingly important.
Fees for Malta: €895 (Euro), with instalments and employer sponsorship available.
Relevant bodies in Malta
Typical roles
Questions from Malta
Which professional bodies in Malta relate to insurance, risk and actuarial work, and does SEIUM's qualification fit?
SEIUM Institute's qualifications are private qualifications, not official Maltese state degrees, and they are not accredited by any national body. In Malta, insurance and financial services are supervised by the Malta Financial Services Authority, and professional actuarial qualifications are set by international bodies that Maltese firms commonly follow. Whether SEIUM's training is recognised is for employers or the relevant body to decide.
What roles in Malta might this training support in insurance or risk management?
Malta has a significant insurance, reinsurance and financial services sector, and firms there employ people in risk analysis, data and modelling roles. Whether a private engineering-focused qualification counts for a given role depends on the employer's requirements and the qualifications they already expect. Reviewing current job descriptions in Malta and asking employers directly will show how your training would be viewed.
How much time does this need each week, and what language level is required?
Master's programmes total 1,900 hours, postgraduate diplomas 800 hours and specialist courses 300 hours, delivered fully online. Spread over the programme length, this suits people working full-time if they set a steady weekly schedule. Teaching is in English, so you should be comfortable reading and writing technical English. Fees can be paid in instalments, and employer sponsorship is possible.
Take the controls.
Run a real engineering trade-off from this field. Move the sliders, watch the model react in real time and beat the challenge.
What you will be able to do
Understand the ILS market and cat bonds.
Apply the legal and regulatory framework for SPVs.
Choose triggers and model expected losses.
Structure a cat bond transaction.
Price cat bonds and compare with reinsurance.
Assess accounting and capital treatment.
Manage issuance and ongoing monitoring.
Who it's for
- Reinsurance and ILS professionals.
- Catastrophe modellers.
- Capital management analysts in insurers.
- Investment professionals in ILS funds.
- Brokers and structurers.
- Public sector disaster risk finance specialists.
- Finance, mathematics, engineering or science graduates seeking to enter ILS.
What you'll work with
- Solvency II (Directive 2009/138/EC) (EU prudential regime for insurers)
- IFRS 17 (accounting standard for insurance contracts)
- Delegated Regulation (EU) 2015/35 (Solvency II implementing rules)
- EIOPA Guidelines (European supervisory guidance)
- ISO 31000 (risk management)
- Law 20/2015 (LOSSEAR) (Spanish insurance supervision law)
- Regulation (EU) 2016/679 (GDPR) (data protection)
- DORA (Regulation (EU) 2022/2554) (digital operational resilience)
- AI Act (Regulation (EU) 2024/1689) (artificial intelligence)
- R
- Python (pandas, scikit-learn)
- SAS
- Prophet
- ResQ
8 modules
1.1Insurance-linked securities market1.2Cat bonds versus traditional reinsurance1.3Sponsors: insurers, reinsurers, governments and corporates1.4Investors: ILS funds, pension funds and asset managers1.5Perils covered1.6Market size and history1.7Advantages and limitations1.8Collateral and credit risk1.9Market cycle1.10Guided exercise: cat bond term sheet review
2.1Special purpose insurance vehicles under Solvency II2.2Delegated Regulation (EU) 2015/35 on SPVs2.3UK ISPV regime2.4Bermuda and Cayman structures2.5Securities law and Rule 144A2.6Risk transfer requirements2.7Prospectus and disclosure2.8Tax considerations2.9Regulatory capital relief2.10Exercise: domicile comparison
3.1Indemnity triggers3.2Industry loss triggers3.3Parametric triggers3.4Modelled loss triggers3.5Basis risk3.6Catastrophe models in cat bonds3.7Attachment and exhaustion probability3.8Expected loss3.9Model agent role3.10Laboratory: expected loss from an EP curve in Python
4.1Sponsor and cedant4.2SPV and reinsurance agreement4.3Collateral trust4.4Calculation and model agents4.5Arrangers and structurers4.6Rating agencies4.7Investor documentation4.8Term and maturity4.9Extension and reset provisions4.10Exercise: transaction flow diagram
5.1Spread components5.2Multiple of expected loss5.3Market pricing benchmarks5.4Investor portfolio diversification5.5Correlation with financial markets5.6Seasonality5.7Pricing a layer5.8Comparing cost with reinsurance5.9Sensitivity analysis5.10Exercise: pricing a cat bond tranche
6.1Sponsor accounting under IFRS 176.2SPV accounting6.3Investor accounting under IFRS 96.4Solvency II counterparty risk6.5Capital relief in the SCR6.6Basis risk in capital6.7Rating agency capital models6.8Disclosures6.9Audit6.10Exercise: capital relief calculation
7.1Issuance timeline7.2Marketing and roadshow7.3Pricing book-building7.4Ongoing reporting7.5Event notification and loss calculation7.6Secondary market trading7.7Defaults and lessons learned7.8ESG considerations7.9Market trends7.10Exercise: event loss calculation
8.1Case definition and sponsor8.2Regulatory and domicile choice8.3Trigger selection8.4Risk modelling8.5Transaction structure8.6Pricing8.7Capital and accounting8.8Issuance plan8.9Final report and presentation8.10Final project: tutor review of the cat bond structure
How you'll learn
A 100% online programme on the SEIUM campus, with downloadable materials, recorded classes and an assigned technical tutor. There are no fixed timetables: you progress at your own pace within each intake, so the programme fits around your job.
Each module combines theory, guided reading of the original standard and applied exercises. The working software is R, Python (pandas, scikit-learn), SAS, Prophet and ResQ, in free, academic or evaluation versions. Case studies are built on real workflows from an actuarial modelling environment, a claims data platform and a catastrophe scenario simulator. Assessment is continuous by module, plus the final integrated project.
Standards covered: Solvency II (Directive 2009/138/EC), IFRS 17, Delegated Regulation (EU) 2015/35, EIOPA Guidelines, ISO 31000, Law 20/2015 (LOSSEAR), Regulation (EU) 2016/679 (GDPR), DORA (Regulation (EU) 2022/2554), AI Act (Regulation (EU) 2024/1689).
Build it end to end
Your final project follows the real engineering workflow, step by step, reviewed by your tutor.
Where this takes you
Requirements
- Prior technical training or professional experience in the sector. No university degree is required.
- Internet connection and a computer capable of running the programme software.
- English sufficient to read technical standards.
Ready to start?
Send your application today. Our admissions team replies within 72 hours with your study plan and funding options.
Frequently asked questions
The programme totals 800 hours over 6–8 months. You set your own pace within each intake, and your tutor helps you plan the workload around your job.
You work with R, Python (pandas, scikit-learn), SAS, Prophet and ResQ, using free, academic or evaluation versions. Your tutor indicates the free alternative wherever one exists.
A SEIUM Institute diploma, awarded on passing the continuous assessment and the final project. It is SEIUM's own qualification, not an official state degree; its recognition depends on the programme completed and the regulations of each country.
Yes. Modules passed are recognised in a higher programme in the same area (postgraduate diploma or master's). Ask about the recognition policy when you enrol.
Prior technical training or professional experience in the sector (no university degree required), a computer able to run the software and English sufficient to read technical standards.
Start dates are set by SEIUM's faculty for each intake. Our admissions team will confirm the next available date when you apply.
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