An insurance-linked security can be issued by a property-casualty insurer through:

An insurance-linked security (ILS) is issued through a Special Purpose Vehicle (SPV). A protected cell company (PCC) is a specific type of SPV commonly used by property-casualty insurers for this purpose. The PCC creates a legally ring-fenced "cell" for a specific risk or transaction. The insurer pays a premium to the cell, and the cell issues securities to capital market investors. The proceeds are held in the cell as collateral. This structure isolates the specific securitized risk from the insurer's general business risks and other cells, making it an efficient and secure vehicle for transferring risk to the capital markets.

A. anticipated salvage: This is an accounting estimate of the recovery value from damaged property. It is a component of claims reserving, not a vehicle for issuing securities.

B. surplus withdrawal: This is a distribution of capital from the insurer to its owners (e.g., dividends), which reduces surplus rather than raising capital or transferring risk.

C. tabular discount: This is an actuarial reserving method used to calculate the present value of future claim payments for long-duration liabilities, not a mechanism for securitization.

1. Cummins, J. D. (2008). CAT Bonds and Other Risk-Linked Securities: State of the Art and Recent Developments. Risk Management and Insurance Review, 11(1), 23–47. (See Section 3, "The Structure of a Typical CAT Bond," pp. 27-29, which describes the central role of a Special Purpose Vehicle, often structured as a protected cell.) https://doi.org/10.1111/j.1540-6296.2008.00135.x

2. National Association of Insurance Commissioners (NAIC). (2005). Insurance Securitization Model Act (#787). (See Section 2, Definitions, which defines "Protected cell" and "Special purpose financial vehicle" as the entities authorized to issue insurance-linked securities.)

3. Grace, M. F., Klein, R. W., & Liu, Z. (2013). The Regulation of Insurance-Linked Securities. The Geneva Papers on Risk and Insurance - Issues and Practice, 38(1), 140–172. (See Section "The Structure of an ILS Transaction," pp. 143-145, which details the use of SPVs and mentions protected cell companies as a common structure.) https://doi.org/10.1057/gpp.2012.36