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The administrator for the Nelson Re cat bond is fighting claims from bond sponsor Glacier Re that Hurricane Ike losses should be covered by bondholders.

Investors in the $67.5mn Nelson Re Class G notes were currently not on the hook for any loss payments, ratings agency Moody's said.

In July this year, Swiss-based Glacier lodged a claim for $26.61mn to be covered by Nelson Re investors, which equates to 39 percent of the $67.5mn capital held in the Nelson Re...

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