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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.

A surprising turn of events has struck the seemingly doomed catastrophe bond deal Avalon Re Ltd. After a series of downgrades and extensions by the rating agencies followed by Oil Casualty Insurance buying back as many of the notes as it could the once stricken notes have now received a credit rating upgrade from Standard […]

Oil Casualty Insurance Ltd. has announced the completion of its Dutch Auction tender offer to repurchase notes from the stricken Avalon Re catastrophe bond from its investors. They launched the repurchase offer with the aim of buying back up to $50m worth of notes for $42.5m. The offer was due to have closed on the […]

Avalon Re is fast becoming the catastrophe bond that just doesn’t go away. The $400m cat bond was issued by Oil Casualty Insurance Ltd. (OCIL) back in 2005. Due to have matured in June 2008, Avalon Re was first downgraded and then had its maturity date extended a number of times while losses with the […]

Once again Standard & Poor’s have announced that the maturity date for Oil Casualty Insurance Ltd’s Avalon Re catastrophe bond notes has been extended. This is to allow further loss reporting to develop and be reported as it seems the full extent of losses suffered by this cat bond deal are still not fully known. The […]

The maturity date of the Avalon Re catastrophe bond from Oil Casualty Insurance Ltd has been extended extended again according to Standard & Poor’s. The original terms of the deal allowed for it to be extended by a period of three months up to eight consecutive times from the original maturity date depending on the […]

Standard & Poor’s have announced that they have dropped their rating of the Avalon Re Ltd. class C notes to CC from CCC-. Avalon Re is a 2005, 3 year insurance linked security from Oil Casualty Insurance Ltd, see our Deal Directory for more info. The downgrade follows notification that a steam pipe explosion in […]

The base of insurance-linked securities (ILS) investors that are interested in casualty, or longer-tailed P&C reinsurance risks, is expanding, according to rating agency AM Best, who noted increasing interest in the non-catastrophe segment of the ILS market.

Despite being untested in the face of a major loss event and their relatively short existence, catastrophe bonds have a strong history of paying claims and the payment timeline is actually similar to that of traditional reinsurers, according to Standard & Poor’s (S&P).

Ex-Goldman Sachs partner and managing director of structured products Michael Millette, a key figure in the development of the catastrophe bond and ILS market since the mid-1990’s, is returning with a new venture named Hudson Structured Capital Management.