Mariah Re Ltd. Series 2010-1

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Mariah Re cat bond litigation appeal thrown out by 2nd circuit

The 2nd Circuit of the U.S. Court of Appeals has thrown out an appeal related to the contested payout of the Mariah Re Ltd. catastrophe bond, affirming that American Family Mutual Insurance does not have to pay any of the $100m back to reinsurance vehicle Mariah Re.This litigation had originally read the full article →

Appeal filed in Mariah Re catastrophe bond litigation

Mariah Re Ltd. has filed an appeal against the recent ruling which found that the terms governing the definition of and process for defining qualifying events under the catastrophe bond were unambiguous and that the payout should stand.An appeal has now been filed, on the 30th October it appears, with read the full article →

Mariah Re catastrophe bond litigation dismissed

A New York Federal judge dismissed claims regarding the catastrophe bond Mariah Re Ltd. on Tuesday, according to court transcripts. The judge ruled that the terms governing the definition of and process for qualifying events of Mariah Re are unambiguous.The litigation had been filed against the sponsor of the Mariah read the full article →

Mariah Re catastrophe bond payout goes to litigation

The story of the Mariah Re Ltd. catastrophe bonds is not over yet. The two severe thunderstorm cat bond issuances by the Mariah Re Ltd. special purpose vehicle were both stricken by one of  the worst U.S. tornado seasons on record in 2011, causing both series of cat bond notes read the full article →

S&P downgrades Mariah Re 2010-1 notes on loss payment

Ratings agency Standard & Poor's have downgraded the issue credit rating on the Series 2010-1 notes issued by Mariah Re Ltd. from 'CC' to 'D' today. This may well be the final update on this the first of the defaulted Mariah Re severe thunderstorm catastrophe bonds which became a total read the full article →

S&P confirms Mariah Re Ltd. Series 2010-1 notes 100% loss of principal

As expected, ratings agency Standard & Poor's have published a press release confirming the 100% loss of principal to the noteholders of the Mariah Re Ltd. Series 2010-1 U.S. tornado catastrophe bond. We broke the news early this morning that the Mariah Re 2010-1 cat bond notes were likely a read the full article →

Mariah Re 2010-1 catastrophe bond could be a total loss

When we last wrote about the stricken Mariah Re U.S. tornado catastrophe bonds we updated you to say that the Mariah Re 2010-2 tranche was a total loss and that the Mariah Re 2010-1 tranche had been triggered with investors facing a loss of principal of as much as $11.6m. read the full article →

Mariah Re cat bond losses mount, 2010-1 tranche triggered, 2010-2 likely a total loss

Ratings agency Standard & Poor's (S&P) has issued an update to the loss estimates from severe thunderstorms and tornadoes which impacted the Mariah Re catastrophe bond transactions. As and when loss estimates are updated by Property Claims Services (PCS) for each catastrophe event, S&P have been updating the market on 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 →

Details on the Mariah Re catastrophe bonds mark to market losses

As we wrote yesterday, the Mariah Re catastrophe bonds were the main losers in the secondary market during the month of September as mark to market losses increased due to the realisation that there would be a loss of investor principal for the Series 2010-2 notes and covered losses were read the full article →