Ballantyne Re

The Scottish Re sponsored 2006 Ballantyne Re Ltd. Regulation XXX life insurance-linked securities (ILS) transaction has finally been fully wound up, as a restructuring has been completed and the remaining assets in the reinsurance trust account disbursed to investors.

Investors in the Scottish Re sponsored 2006 Ballantyne Re Ltd. Regulation XXX life insurance-linked securities (ILS) transaction look set to finally realise their losses, as a restructuring of the vehicle, novation of the underlying reinsurance and winding up procedure has been proposed.

J.P. Morgan has agreed a settlement of legal cases related to its management of the investment accounts for the Scottish Re life insurance securitization transactions issued by Orkney Re II Ltd. and Ballantyne Re plc, with a cash payout of $400 million now expected.

It’s no surprise to read that Standard & Poor’s has withdrawn the majority of the ratings it held on Scottish Re’s 2006 Ballantyne Re Plc Regulation XXX type life insurance-linked securities (ILS), as it no longer sees the market interest in maintaining the ratings.

Scottish Re’s 2006 Ballantyne Re Regulation XXX type life insurance securitization transaction will struggle to return much capital to investors following huge mark-to-market losses on the assets in the underlying collateral accounts, according to an update on the deal from rating agency Fitch Ratings.

Scottish Re’s 2006 Ballantyne Re life insurance securitization transaction has been heading for what seems like an inevitable default for some time now. The Regulation XXX type life insurance linked transaction saw huge mark-to-market losses on the assets in the underlying collateral accounts. As a result it experienced regular failures to make interest payments resulting […]

Scottish Re’s $2.1 billion 2006 life insurance securitization transaction seems headed for an inevitable default according to Fitch Ratings. The Regulation XXX type life insurance linked transaction has been finding it increasingly difficult to pay investors interest payments and now Fitch says that payment of principal is increasingly unlikely as well.