nelson re

Moody’s Investor Services has issued a press release stating that the Nelson Re catastrophe bond transaction sponsored by Glacier Re will not be affected by Glacier’s recently announced quota share and renewal rights transaction with Endurance Speciality Holdings.

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.

Moody’s has downgraded the ratings of one tranche of the Nelson Re Ltd. catastrophe bond transaction and placed two other tranches on review for possible downgrade. The June 2008 cat bond issued on behalf of Glacier Re is a $180m three year deal.

Moody’s Investor Service has announced that it will be keeping the Class G notes of catastrophe bond Nelson Re Ltd. on review pending a possible downgrade pending further information from the sponsor. Glacier Reinsurance AG sponsored Nelson Re. Moody’s requires further information to be able to assess loss estimates by line and state, work out […]