Aspen Insurance Holdings Limited has increased its target size for its latest catastrophe bond, with the company now aiming to secure $300 million of collateralized reinsurance protection from the Kendall Re Ltd. (Series 2021-1) transaction, while pricing has been reduced across the deals tranches.
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Aspen Insurance Holdings Limited has returned to the catastrophe bond market for a renewal of its international multi-peril coverage from the capital markets, seeking to sponsor a $225 million Kendall Re Ltd. (Series 2021-1) transaction.
Bermudian insurance and reinsurance group Aspen Insurance Holdings Limited is back in the catastrophe bond market for the first time in more than a decade, with a $150 million Kendall Re Ltd. (Series 2018-1) international multi-peril transaction.
Scottish Re’s 2006 Ballantyne Re life insurance securitization transaction has been heading for what seems like an inevitable default for some time now. The Regulation XXX type life insurance linked transaction saw huge mark-to-market losses on the assets in the underlying collateral accounts. As a result it experienced regular failures to make interest payments resulting […]
Law firm Willkie Farr & Gallagher (WFG) have hired a team of partners and lawyers from rival Dewey & LeBoeuf who bring with them extensive experience in the insurance-linked securities, alternative risk transfer and reinsurance / capital markets convergence area. Dewey & LeBoeuf have been dogged by rumours of issues and departures from the firm […]
There’s been much confusion in the past few days about the fate of the Ajax Re Ltd. catastrophe bond (sponsored by Aspen Insurance Holdings Ltd) after Standard & Poor’s withdrew it’s rating on the notes on May 8th. S&P have now published an explanation. Ajax Re Ltd. had been downgraded previously due to it’s indirect […]
The Ajax Re catastrophe bond deal (one of those affected by Lehmans collapse) sponsored by Aspen Insurance Holdings Ltd. has managed to make it’s latest interest payment in time. The interest payment was due yesterday (Monday) and was paid as expected say Standard & Poor’s. Despite this fact S&P say the Ajax Re cat bond […]
The Ajax Re Ltd catastrophe bond from Aspen Insurance is looking like it is going to default in the coming days due to it’s inability to pay an upcoming interest payment. Ajax Re is one of the bonds which used Lehman Brothers as a total-return swap counterparty and has since been watched closely after Lehman […]
Three of the natural catastrophe bonds which were downgraded due to the collapse of Lehman Brothers have been removed from CreditWatch with negative implications by Standard & Poor’s after interest payments were made as scheduled. Ajax Re, Carillon Ltd and Newton Re were all downgraded and put on CreditWatch as there were fears over the […]
Standard & Poor’s have now downgraded all four of the catastrophe bonds which used Lehman Brothers Special Financing as the total return swap counterparty. The issuers of the bonds have terminated their swaps and are exploring their options and the lack of a counterparty is the reason for the following actions. ‘Ajax Re Ltd.’s class […]