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Decline in ILS ratings shows the asset class isn’t so alternative: KBRA

A decline in the volume of rated catastrophe bond and insurance-linked securities (ILS) transactions is a key indicator that ILS has become a more permanent source of risk capital and gained heightened acceptance by capital markets investors, according to Kroll Bond Rating Agency (KBRA).According to KBRA, 2013 was an inflection read the full article →

S&P affirms rating of Nakama Re 2013-1 cat bond after reset

Standard & Poor’s Ratings Services (S&P), the most active credit rating agency for catastrophe bond issues, has affirmed the ratings of the $300m Nakama Re Ltd. (Series 2013-1) Japan earthquake catastrophe bond, after undergoing its annual reset.The Nakama Re 2013-1 cat bond was sponsored by Japanese mutual cooperative insurer Zenkyoren, read the full article →

S&P affirms five natural catastrophe bond ratings

Standard & Poor’s Ratings Services (S&P), the most active credit rating agency in rating catastrophe bond issues, has affirmed the ratings of five more natural catastrophe bonds, from three issuers, after each underwent its annual reset.Annually, every outstanding catastrophe bond is typically scrutinised and analysed by S&P, or by the read the full article →

S&P affirms ratings on four more catastrophe bond transactions

Standard & Poor’s Ratings Services (S&P), the most active credit rating agency in the insurance-linked securities (ILS) space, has affirmed its rating for 4 tranches of natural peril catastrophe bonds, from four issuers, after their annual resets.Each year outstanding catastrophe bonds are typically scrutinised and analysed by S&P, or by read the full article →

Ratings affirmed on 18 natural catastrophe bonds by S&P

Credit rating agency Standard & Poor’s Ratings Services (S&P) has affirmed the rating for 18 tranches of natural peril catastrophe bonds, from seven issuers, after each tranche of notes went through their annual resets with no issues arising.Each year many of the markets rated outstanding catastrophe bonds are scrutinised and read the full article →

Standard & Poor’s on the catastrophe bond rating process

Standard & Poor's Ratings Services gave a rating to $3.365 billion of catastrophe bonds during the first five months of 2014, already 65% of the $5.16 billion of cat bonds S&P rated in 2013 and 70% of the $4.8 billion rated by the agency in 2012.The record amount of catastrophe read the full article →

S&P affirms rating on Bosphorus 1 Re Ltd. catastrophe bond

Standard & Poor’s (S&P) Ratings Services, the credit rating agency, has affirmed the rating on the Bosphorus 1 Re Ltd. Turkish earthquake catastrophe bond which was sponsored by the Turkish Catastrophe Insurance Pool a year ago.The $400m Bosphorus 1 Re cat bond, which provides the TCIP with a three read the full article →

S&P affirms ratings on mortality, longevity, life ILS transactions

Standard & Poor’s (S&P), the global credit rating agency, has affirmed the ratings on seven tranches of insurance-linked securities (ILS) from transactions which transferred mortality, longevity and life insurance risks to the capital markets.The ratings on the mortality catastrophe bond type deals, from Swiss Re's Vita Capital issues, and the read the full article →

S&P affirms ratings on five catastrophe bonds after annual resets

Credit rating agency Standard & Poor’s (S&P) has affirmed the ratings on five tranches of catastrophe bond notes from four issuers, after the cat bonds went through their annual resets of attachment probabilities without any major changes.On an annual basis many of the markets rated outstanding catastrophe bonds are scrutinised read the full article →

A.M. Best publishes updated criteria reports for catastrophe bonds and sidecars

Back in December we covered ratings agency A.M. Best's request for comments on updated draft versions of their criteria reports which apply to catastrophe bonds and sidecar reinsurance vehicles. The comment period ended last week and now A.M. Best have published the final updated versions of the criteria reports.The changes read the full article →