Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

19 May 2012

Another $750mn+ RMS-modelled hurricane bonds downgraded

1 August 2011

Ratings agency Standard & Poor's (S&P) has lowered its ratings on five hurricane bonds still on review after the RMS model upgrade.

It affirmed and held steady one BB-rated tranche of the Lodestone Re 2010 bond from National Union Fire Insurance.

But all other ratings dropped by one notch, including the remaining tranches of Lodestone Re 2010 as well as the Hartford's Foundation Re III and Ace's Calabash Re III.

The downgraded tranches were worth $771mn in total.

The ratings...

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