ratings

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 […]

Property Claims Services (PCS), the agency who provide estimates of insured industry losses for catastrophe events in the U.S., have increased their estimate for hurricane Irene from $3.65 billion to $4.3 billion. This still puts insured losses from hurricane Irene right in the range of the original estimates made after the event.

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 the potential impact to Mariah […]

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.

We wrote earlier today about the increase in covered losses faced by the Mariah Re 2010-1 series of catastrophe bond notes after Standard & Poor’s updated the covered loss totals and downgraded the bond. Readers who’ve been keeping track of the fate of Mariah Re will be aware that there is a second transaction with […]

Ratings agency Standard & Poor’s have published an update regarding the fate of the Mariah Re Ltd. Series 2010-1 severe thunderstorm catastrophe bond which provides American Family Mutual Insurance with a source of collateralized reinsurance cover. The cat bond has been at risk due to the extreme nature of the tornado season in the U.S. […]

Yesterday we updated you with the news that ratings agency Standard & Poor’s had updated the covered loss totals for the Mariah Re Ltd. Series 2010-1 catastrophe bond transaction. The losses have been mounting from the severe tornado season in the U.S. and the holders of the $100m of Series 2010-1 notes are now just […]

Yesterday we wrote about Standard & Poor’s recent update on the status of covered losses under the terms of the Mariah Re Ltd. Series 2010-1 severe thunderstorm catastrophe bond. The cat bond has been accumulating losses from the severe spate of thunderstorms and tornadoes which affected the U.S. over the last few months. The figure […]

The impact of the record-breaking U.S. severe thunderstorm and tornado season on exposed catastrophe bond Mariah Re Ltd. Series 2010-1 is a little clearer after ratings agency Standard & Poor’s published an update on the amount of losses that have qualified under the terms of the aggregate cat bond. Losses have been mounting over the […]