Nelson Re Ltd, a Cayman Islands based special purpose vehicle set up to issue catastrophe bonds by Glacier Reinsurance AG, issued a news release. The release states that Glacier Re have informed Nelson Re Ltd that Glacier has incurred approximately $100m worth of claims relating to hurricane Ike. Glacier Re are evaluating the extent to which these claims will impact it’s various reinsurance agreements, including the potential for any loss payment obligation which may be required from Nelson Re.
The latest deal under Nelson Re Ltd was issued in June 2008, it consists of three tranches the first of which at $67.5m provided cover for U.S. windstorm, the other two tranches were believed at the time to cover European windstorms. Whether that tranche is now at risk of being triggered is now seemingly likely.
We’ll update you as and when more information emerges, you can read more about Nelson Re Ltd 2008 in the Artemis Deal Directory.
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