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Investors in the Crystal Credit Ltd. catastrophe bond type transaction, which securitizes payments related to an indemnity-based excess-of-loss retrocession agreement between Swiss Re and Crystal Credit covering a defined portfolio of credit reinsurance treaties, are facing losses. An update issued today by ratings agency Standard & Poor’s confirms that investors in two tranches of Crystal […]

Swiss Re have redeemed the €108m Class A tranche of Crystal Credit Ltd., their beleaguered catastrophe bond type deal which securitized payments related to an indemnity-based excess-of-loss retrocession agreement between Swiss Re and Crystal Credit. The transaction is a cat bond type deal which covered a defined portfolio of credit reinsurance treaties for Swiss Re.

The beleaguered Crystal Credit catastrophe bond transaction has hit another hurdle as Standard & Poor’s announce that they have downgraded the rating on one tranche of its notes. Crystal Credit is a cat bond type deal which covered a defined portfolio of credit reinsurance treaties for Swiss Re.

Back in September we reported that Moody’s had placed some classes of the Crystal Credit Ltd. credit reinsurance insurance-linked security on review for possible downgrade. Increasing losses being experienced by the notes led Moody’s to believe a review was necessary and now they’ve completed that review and concluded that the loss experience is bad enough […]

The Crystal Credit transaction issued by Swiss Re to provide it with cat bond type credit reinsurance protection through securitisation seems to be destined to default. We’ve covered it a number of times (previous coverage here) over the last couple of years during which time it has been downgraded due to risk of default.

The credit ratings of the Crystal Credit insurance linked security transaction have been amended by Standard & Poor’s following reporting of the latest claims activity affecting the deal.

Standard & Poor’s has delivered its latest update on the Crystal Credit Ltd. transaction which transferred a portfolio of Swiss Re’s credit reinsurance treaty risk to the capital markets via an insurance linked securitization. Losses on those treaties have been high and the transaction has already had its ratings downgraded by S&P. They’ve been delivering […]

Back in August I wrote about the downgrade of notes in the credit reinsurance securitisation Crystal Credit which was issued by Swiss Re in 2006. At the time things were looking very bad for Crystal Credit and Standard & Poor’s had downgraded the notes which were designed to provide Swiss Re with cat bond type […]

Reinsurance pricing has been on the decline for a number of years, as regular readers will be all to aware, but during much of that time primary insurance lines still saw rate increases. That could be changing as price expectations start to converge, according to analysts at Credit Suisse.

The insurance-linked securities (ILS) and alternative reinsurance capital market is expected to double in size by 2018 as additional capital flows into reinsurance looking for a source of investment returns with low-correlation to wider financial markets, say analysts at Credit Suisse.