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Investors in the $100mn tornado bond Mariah II are set to incur losses on their capital as losses covered by the bond pass its $725mn trigger, according to an update from ratings agency Standard & Poor's.

The payout will help bond sponsor US mutual insurer American Family recoup its losses in one of the worst years for tornado damage on record.

Standard & Poor's (S&P) said it had received loss updates from reporting agency Property Claim Services (PCS), which raised...

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