Nelson Re catastrophe bond remains on review for possible downgrade


Moody’s Investor Service has announced that it will be keeping the Class G notes of catastrophe bond Nelson Re Ltd. on review pending a possible downgrade pending further information from the sponsor. Glacier Reinsurance AG sponsored Nelson Re. Moody’s requires further information to be able to assess loss estimates by line and state, work out how much of the losses qualify as covered by Nelson Re and what loss adjustment factors may be applied to qualifying losses.

The notes have been on review since March when Glacier Re revised it’s loss estimates for Hurricane Ike from $65m to $100m. We’ll keep you updated as further information emerges.

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