Mystic Re III Ltd., the latest catastrophe bond sponsored by U.S. insurer Liberty Mutual, closed successfully at an upsized $275m and the notes from the transaction have been listed on the Cayman Islands Stock Exchange. The cat bond, which is Liberty Mutual’s fifth transaction, began life as a $150m deal with two tranches of $75m […]
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The Mystic Re III Ltd. catastrophe bond, which is the latest cat bond to be sponsored by U.S. insurer Liberty Mutual, is said to have almost doubled in size during its marketing according to sources. We’re told that Mystic Re III, which began marketing as a $150m deal, has now jumped to a $275m cat […]
U.S. insurer Liberty Mutual have launched their first catastrophe bond transaction since March 2009 (when they issued their last Mystic Re II deal), this will be their fifth catastrophe bond transaction. Liberty Mutual are seeking to secure a source of multi-year cat bond cover through a newly established Cayman Islands domiciled SPV, Mystic Re III […]
Below is a copy of a press release received while I was away regarding the appointment of the Bank of New York Mellon as trustee and paying agent for the Liberty Mutual Mystic Re II catastrophe bond deal. NEW YORK, April 13 – The Bank of New York Mellon (NYSE: BK) has been appointed trustee, […]
I’ve just had a tip off from a friendly investment manager that Liberty Mutual have increased the size of their catastrophe bond deal Mystic Re II 2009-1 (yes, we now believe it is called II despite earlier confusion) from $200m to $225m. The reason being given is investor demand, which is a great sign for […]
Liberty Mutual are marketing their third catastrophe bond in the Mystic Re series. Mystic Re III is expected to be a $200m transaction providing Liberty Mutual with three years of coverage against U.S. hurricanes and earthquakes. The third catastrophe linked securitization of the year, this deal will take the cat bond market to $550m this […]
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.
Rating agency Standard & Poor’s (S&P) said on Friday that it had affirmed its ratings for 29 natural peril catastrophe bond tranches, issued by 13 different special purpose vehicle issuers, after the cat bonds had their annual resets of probability of attachment.
The year 2012 saw the highest level of indemnity trigger based catastrophe bond issuance on record, with more than 50% of all cat bond volume issued exposed to the indemnity losses of the sponsoring insurer or reinsurer, according to data from Swiss Re’s latest insurance-linked securities market report. The report suggests that this shows that […]
Some of the latest pricing indications for secondary catastrophe bonds show that investors have real concerns that the final industry loss total from hurricane Sandy could be sufficiently high to trigger the Successor X Ltd. (Series 2011-3) Class V-F4 notes. The Successor notes are the last cat bond which is considered seriously at risk of […]