downgrade

Avondale Securities SA., Luxembourg domiciled issuer of  life insurance-linked notes issued on behalf of the Bank of Ireland, has been receiving a lot of attention from ratings agencies over the past year. The economic and sovereign debt troubles of the Irish economy and the links to the deal via the Bank of Ireland have seen […]

An interesting situation has come about after Glacier Re, the Swiss based reinsurer, announced that it was putting itself voluntarily into run-off. On the 27th August Glacier Re announced that it had reviewed its strategic alternatives and decided to discontinue its underwriting operations and go into a self-managed run-off.

We wrote a couple of weeks ago that Standard & Poor’s had placed four tranches of the USAA sponsored catastrophe bond, Residential Re 2007 Ltd., on CreditWatch Negative while they waited for updated occurrence and aggregate exceedence probability curves from AIR Worldwide. Now they have that annual reset information and have taken the expected action […]