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

19 May 2012

Avondale downgraded on Irish concerns

27 July 2011

Ratings agency Moody's downgraded the junior EUR20 million tranche of Bank of Ireland-sponsored life insurance securitisation Avondale Securities Emergence Offset notes after it earlier downgraded ratings on Irish government bonds.

The factors that drive the sovereign's rating also influence the future of the Avondale notes, the agency noted, as a downturn in the economy could push policyholders to surrender their life insurance thereby pulling down the value of the securitised book.

This would take more of a toll on the...

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