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

19 May 2012

Double loss for Mariah Re

28 November 2011

The remaining $100mn tranche of tornado cat bond Mariah Re is set to be a total loss in what would be the third wipeout of a cat bond this year, Trading Risk has learned.

The lower-lying $100mn Mariah 2 bond had already been written off by the market but previous reports only forecast an $11.6mn loss of capital for investors in the higher-lying Mariah 1 issuance.

However, the latest monthly update from calculation agent AIR Worldwide added more than $100mn...

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