mariah re ltd

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.

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.

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 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 issued by Mariah Re to […]

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 loss due to the record […]

It’s time for another of our fortnightly looks at the Swiss Re Cat Bond Performance Indices to see how they have performed and what their movement can tell us about the mood and sentiment within the insurance-linked securities market. Last time we looked at the indices it was evident that the full impact of the […]

The recent total loss of the two $100m tranches of Mariah Re Ltd. catastrophe bonds could make issuing severe thunderstorm only cat bonds more difficult, suggests A.M. Best managing senior financial analyst Asha Attoh-Okine in this article. Mariah Re was the first cat bond which was solely exposed to severe thunderstorms, which includes convective storms […]

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 total loss after the payout […]

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. The loss estimates were still […]

It’s time for another fortnightly look at the Swiss Re Cat Bond Performance Indices to see how they have performed and what their movement can tell us about the mood and sentiment within the insurance-linked securities market or reinforce from our other recent articles. Last time we looked at the indices they had both dropped […]