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

19 May 2012

Mariah losses expected to hit top-layer notes

14 October 2011

Ratings agency Standard & Poor's (S&P) said it expected the Mariah Re 2010-1 notes to start incurring losses as it downgraded their rating to CC.

The Mariah Re 2010-1 issue starts paying out to sponsor American Family Mutual Insurance when covered losses reach $825mn. Reported losses are now sitting at $790.15mn.

But S&P expects losses to rise past the $825mn threshold, resulting in principal losses for investors.

This means investors in the lower lying Mariah Re 2010-2 notes, which began...

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