Swiss Re Insurance-Linked Fund Management

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News & Analysis Results

Avalon Re Ltd’s notes get upgraded by S&P

News 8th May 2010

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 […]

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Oil Casualty Insurance Ltd. completes Avalon Re notes repurchase

News 9th September 2009

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 […]

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Oil Casualty Insurance Ltd. wants to buy back Avalon Re notes

News 10th August 2009

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 […]

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Avalon Re catastrophe bond maturity extended yet again

News 9th June 2009

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 […]

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Avalon Re catastrophe bond maturity extended (again)

News 3rd March 2009

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 […]

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S&P downgrades some Avalon Re notes

News 14th April 2008

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 […]

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