Crystal Credit investors confirmed to be facing losses

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 read the full article →

Avalon Re Ltd. defaults; S&P downgrades notes

Avalon Re Ltd., the stricken catastrophe bond which has secured as much news time (read our previous coverage here) as any other deal, has finally reached it's maturity date on the 7th June.As expected, the deal has now officially defaulted (according to Standard & Poor's criteria for default) and had read the full article →