credit reinsurance

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Crystal Credit investors confirmed to be facing losses

Investors in the Crystal Credit Ltd. catastrophe bond type transaction, which securitizes payments related to an indemnity-based excess-of-loss retrocession agreement between Swiss Re and Crystal Credit covering a defined portfolio of credit reinsurance treaties, are facing losses. An update issued today by ratings agency Standard & Poor's confirms that investors read the full article →

Swiss Re redeems one tranche of Crystal Credit, default still likely on others

Swiss Re have redeemed the €108m Class A tranche of Crystal Credit Ltd., their beleaguered catastrophe bond type deal which securitized payments related to an indemnity-based excess-of-loss retrocession agreement between Swiss Re and Crystal Credit. The transaction is a cat bond type deal which covered a defined portfolio of credit read the full article →

Crystal Credit ratings lowered on interest deferment

The beleaguered Crystal Credit catastrophe bond transaction has hit another hurdle as Standard & Poor's announce that they have downgraded the rating on one tranche of its notes. Crystal Credit is a cat bond type deal which covered a defined portfolio of credit reinsurance treaties for Swiss Re.The deal has read the full article →

Two classes of Crystal Credit notes downgraded; default likely

Back in September we reported that Moody's had placed some classes of the Crystal Credit Ltd. credit reinsurance insurance-linked security on review for possible downgrade. Increasing losses being experienced by the notes led Moody's to believe a review was necessary and now they've completed that review and concluded that the read the full article →

Moody’s places Crystal Credit Ltd. notes on review for downgrade

The Crystal Credit transaction issued by Swiss Re to provide it with cat bond type credit reinsurance protection through securitisation seems to be destined to default. We've covered it a number of times (previous coverage here) over the last couple of years during which time it has been downgraded due read the full article →

Crystal Credit ratings amended following new claims activity

The credit ratings of the Crystal Credit insurance linked security transaction have been amended by Standard & Poor's following reporting of the latest claims activity affecting the deal.Claims activity for the second quarter of 2010 have been in line with S&P's expectations but the aggregate claims paid and reported have read the full article →

Crystal Credit Ltd. still likely to default

Standard & Poor's has delivered its latest update on the Crystal Credit Ltd. transaction which transferred a portfolio of Swiss Re's credit reinsurance treaty risk to the capital markets via an insurance linked securitization. Losses on those treaties have been high and the transaction has already had its ratings downgraded read the full article →

Crystal Credit, Swiss Re credit reinsurance securitisation not getting any worse (or better)

Back in August I wrote about the downgrade of notes in the credit reinsurance securitisation Crystal Credit which was issued by Swiss Re in 2006. At the time things were looking very bad for Crystal Credit and Standard & Poor's had downgraded the notes which were designed to provide Swiss read the full article →

Swiss Re credit reinsurance securitisation deal has ratings cut, may be triggered

Standard & Poor's have today lowered their rating on Crystal Credit, a securitization transaction structured similarly to a catastrophe bond. Crystal Credit was issued by Swiss Re in 2006 to provide themselves with indemnity against losses on their credit reinsurance portfolio. S&P now say the notes will likely be triggered read the full article →