Nelson Re Ltd. – Full details:
Nelson Re is a newly formed Cayman Islands exempted insurance company, set up by Glacier Re as the issuer of catastrophe bonds under a $1.5bn catastrophe bonds shelf programme.
The first issuance of the Series 2007-I Notes has been capitalised by raising $75 million in the form of bonds from a group of institutional investors. The bonds have been rated “B” by Standard & Poor’s Rating Services and “b-“ by A.M. Best Company.
Nelson Re has entered into a reinsurance agreement with Glacier Re under which it will provide fully collateralised reinsurance protection.
The reinsurance agreement will initially provide Glacier Re with excess of loss protection for three major perils: US Earthquake, US Windstorm and Europe Windstorm. Glacier Re and Nelson Re may enter into reinsurance agreements covering other perils in the future.
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