Nelson Re catastrophe bond Class G notes extended to December

It looks like the final loss attributable to the Nelson Re catastrophe bond will not be known until at least December as the $67.5m Class G notes have had their maturity extended to the 6th December 2011 according to an announcement from Glacier Re. We updated you in July on the losses suffered by Nelson Re so far but there could be more to come as the notes have been extended to allow for loss development.

The deal was due to mature in June, but as losses from hurricane Ike continue to develop and estimates are bound to change, the deal has had been extended through till December.

We’ll update you as and when the final loss total attributable to the Nelson Re cat bond becomes clearer.