Platinum Underwriters

A.M. Best have joined Standard & Poor’s in downgrading the rating of the catastrophe bond notes issued in 2008 by Topiary Capital Ltd. (our article on S&P’s downgrade here). Topiary Capital, while not expecting a loss due to the 11th March earthquake disaster in Japan, has been activated meaning it is now at risk of […]

Finally the fate of one of the catastrophe bonds which was exposed to the 11th March earthquake and tsunami in Japan is made clear. Since the disaster re/insurers who have sponsored catastrophe bonds that had exposure to Japan quake have been waiting for risk modelling firms who act as calculation agents to report whether their […]

Standard & Poor’s is still unsure on the final outcome for the Japanese earthquake threatened catastrophe bond, Topiary Capital Ltd. The deal issued by Platinum Underwriters in 2008 is currently on CreditWatch negative, and that’s where S&P say it will stay until they receive the calculation report from Risk Management Solutions (expected on the 25th […]

Platinum Underwriters have issued a statement regarding their catastrophe losses experienced so far during 2011 including some commentary about their exposure to the earthquake and tsunami in Japan. As we have written previously, Platinum Underwriters have a catastrophe bond, Topiary Capital Ltd., which could be activated by the Japanese earthquake.

A.M. Best has announced that they are placing the $200m Topiary Capital Ltd’s Series 2008-1 Class A notes under review with developing implications in the wake of the earthquake disaster in Japan. The catastrophe bond notes, issued on behalf of Platinum Underwriters and due on August 5th 2011, were put on Creditwatch by S&P last […]

The outcome for the catastrophe bonds exposed to the Japanese earthquake event is becoming clearer. Of the deals exposed, the first to have its ratings put on watch for a downgrade is Topiary Capital Ltd., a $200m second-event U.S. hurricane, earthquake, Euro windstorm and most importantly Japanese quake bond issued on behalf of Platinum Underwriters […]