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Eurozone breakup could impact catastrophe bonds and insurance-linked securities

Just how uncorrelated catastrophe bonds and insurance-linked securities are with the wider financial markets is a point worth considering. We're currently living in a time of unprecedented financial and economic upheaval due to the Eurozone sovereign debt crisis and U.S. economic issues, with many countries now officially in deepening recessions read the full article →

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 →

Mariah Re Ltd. Series 2010-1 served event notice, suspected triggered

Ratings agency Standard & Poor's has announced that the Mariah Re Ltd. Series 2010-1 catastrophe bond is suspected to have been triggered after its sponsor American Family Mutual Insurance Company submitted an event notice indicating that they believe the deal to have defaulted as losses have breached the attachment point.AmFam read the full article →

European sovereign debt, U.S. default and the catastrophe bond market

With the world experiencing turbulent times economically this year including the concerns over European sovereign debt and the spectre of the U.S. government debt ceiling being breached effectively putting the U.S. into a default position, we felt it was time to ask one of the rating agencies whether they felt 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 →

Muteki Ltd. cat bond could have been triggered by Japan quake

We've received a number of reports over night from sources suggesting that the $300m Muteki Ltd. catastrophe bond, issued by Munich Re on behalf of Japanese cooperative Zenkyoren, has been triggered by the 11th March earthquake in Japan. The transaction is measured against the K-Net data, which we understood was read the full article →

S&P leaves Japan quake exposed cat bond ratings unchanged

Standard & Poor's, the rating agency, have issued a briefing regarding the ratings of six of the catastrophe bonds exposed to todays Japanese earthquake. The ratings on the six cat bonds which S&P had assessed will remain unchanged for the time being.However, S&P say that they will be monitoring the read the full article →

Avalon Re Ltd. defaults; S&P downgrades notes

Avalon Re Ltd., the stricken catastrophe bond which has secured as much news time (read our previous coverage here) as any other deal, has finally reached it's maturity date on the 7th June.As expected, the deal has now officially defaulted (according to Standard & Poor's criteria for default) and had read the full article →