{
  "id": "term-special-purpose-vehicle",
  "type": "term",
  "languages": {
    "en": {
      "id": "term-special-purpose-vehicle",
      "lang": "en",
      "type": "term",
      "title": "Special Purpose Vehicle (SPV)",
      "shortDefinition": "A special purpose vehicle (SPV) is a legally independent entity set up solely to issue securities through which insurance or credit risks are placed with capital market investors.",
      "synonyms": [
        "SPV",
        "Zweckgesellschaft"
      ],
      "linesOfBusiness": [
        "Reinsurance",
        "Alternative risk transfer"
      ],
      "jurisdictions": [
        "EU",
        "Global"
      ],
      "tags": [
        "Alternative risk transfer",
        "Capital Markets"
      ],
      "relations": {
        "relatedTerms": [
          "term-retention",
          "term-capacity",
          "riskg-natural-hazards"
        ],
        "partOf": [],
        "appliesTo": [],
        "regulatedBy": [],
        "relevantFor": [],
        "insurableVia": [],
        "mitigatedBy": [],
        "comprises": [],
        "alternativeTo": [],
        "complementedBy": []
      },
      "attribute": null,
      "profile": null,
      "coverageProfile": null,
      "clause": null,
      "legalBasis": [],
      "standards": [],
      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-08-31",
      "generated": {
        "by": "process:reconstructed",
        "at": "2026-08-31T00:00:00.000Z"
      },
      "verified": [
        {
          "by": "human:ghesse",
          "at": "2026-09-04T00:00:00.000Z",
          "method": null
        }
      ],
      "staleAfter": null,
      "url": "https://hgh.ch/lexikon/en/knowledge/term/special-purpose-vehicle/",
      "alternateUrl": "https://hgh.ch/lexikon/de/wissen/begriff/zweckgesellschaft/",
      "body": "## Function\n\nThe SPV acquires assets or assumes insurance risks and finances this by issuing securities to investors. The proceeds are typically invested in safe, liquid money-market instruments and remain available to fund losses or defaults; any remaining balance reverts to investors once the transaction matures.\n\n## Use in risk transfer\n\nIn an insurance context, the SPV is mainly used to securitise natural catastrophe risk through catastrophe bonds and, in credit business, receivables through asset-backed securities. It complements traditional reinsurance with a capital-market-based, typically fully collateralised form of risk transfer.\n\n## Practical relevance\n\nFor primary insurers and large corporates, the SPV widens available capacity for peak risks, particularly when traditional reinsurance markets reach their underwriting limits. Investor default risk is low thanks to collateralisation, but the structuring and issuance process is more elaborate than traditional reinsurance."
    },
    "de": {
      "id": "term-special-purpose-vehicle",
      "lang": "de",
      "type": "term",
      "title": "Zweckgesellschaft (SPV)",
      "shortDefinition": "Eine Zweckgesellschaft (Special Purpose Vehicle, SPV) ist eine rechtlich selbstständige Gesellschaft, die ausschliesslich zur Emission von Wertpapieren gegründet wird, mit denen Versicherungs- oder Kreditrisiken am Kapitalmarkt platziert werden.",
      "synonyms": [
        "Special Purpose Vehicle",
        "Zweckgesellschaft SPV"
      ],
      "linesOfBusiness": [
        "Rückversicherung",
        "Alternativer Risikotransfer"
      ],
      "jurisdictions": [
        "EU",
        "Global"
      ],
      "tags": [
        "Alternativer Risikotransfer",
        "Kapitalmarkt"
      ],
      "relations": {
        "relatedTerms": [
          "term-retention",
          "term-capacity",
          "riskg-natural-hazards"
        ],
        "partOf": [],
        "appliesTo": [],
        "regulatedBy": [],
        "relevantFor": [],
        "insurableVia": [],
        "mitigatedBy": [],
        "comprises": [],
        "alternativeTo": [],
        "complementedBy": []
      },
      "attribute": null,
      "profile": null,
      "coverageProfile": null,
      "clause": null,
      "legalBasis": [],
      "standards": [],
      "reviewStatus": "expert-reviewed",
      "reviewedBy": "Guido Hesse, Hesse Group Holding AG",
      "lastReviewed": "2026-09-04",
      "version": "0.1.0",
      "updated": "2026-08-31",
      "generated": {
        "by": "process:reconstructed",
        "at": "2026-08-31T00:00:00.000Z"
      },
      "verified": [
        {
          "by": "human:ghesse",
          "at": "2026-09-04T00:00:00.000Z",
          "method": null
        }
      ],
      "staleAfter": null,
      "url": "https://hgh.ch/lexikon/de/wissen/begriff/zweckgesellschaft/",
      "alternateUrl": "https://hgh.ch/lexikon/en/knowledge/term/special-purpose-vehicle/",
      "body": "## Funktion\n\nDie Zweckgesellschaft kauft Vermögenspositionen an oder übernimmt Versicherungsrisiken und finanziert dies durch die Emission von Wertpapieren an Investoren. Die eingesammelten Mittel werden meist in sichere, liquide Geldmarktpapiere angelegt und stehen im Schadenfall oder bei Forderungsausfall zur Deckung zur Verfügung; nach Ablauf der Transaktion fliesst der Restbetrag an die Investoren zurück.\n\n## Anwendung im Risikotransfer\n\nIm Versicherungskontext dient die Zweckgesellschaft insbesondere der Verbriefung von Naturkatastrophenrisiken über Cat Bonds sowie – im Kreditbereich – von Forderungen über Asset Backed Securities. Sie ergänzt klassische Rückversicherung um eine kapitalmarktbasierte, meist vollständig kollateralisierte Risikotransferform.\n\n## Praxisrelevanz\n\nFür Erstversicherer und Grossunternehmen erweitert die Zweckgesellschaft die verfügbare Kapazität für Spitzenrisiken, insbesondere wenn traditionelle Rückversicherungsmärkte an ihre Zeichnungsgrenzen stossen. Das Ausfallrisiko der Investoren ist durch die Kollateralisierung gering, das Strukturierungs- und Emissionsverfahren jedoch aufwendiger als bei traditioneller Rückversicherung."
    }
  }
}