Swiss Re Insurance-Linked Fund Management

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credit reinsurance


Crystal Credit investors confirmed to be facing losses

6th January 2012

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 in two tranches of Crystal […]

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Crystal Credit ratings lowered on interest deferment

6th January 2011

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.

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Two classes of Crystal Credit notes downgraded; default likely

25th October 2010

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 loss experience is bad enough […]

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Crystal Credit Ltd. still likely to default

7th March 2010

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 by S&P. They’ve been delivering […]

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