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March 2009/1

  • The closure of SCOR’s $200mn Atlas V cat bond in February marked the end of an issuance drought, opening the pipeline for two more deals that closed in early March. Atlas V – which provi
  • The lead managers on SCOR’s $200mn Atlas V cat bond noted a shift in investor attitudes during the six-month gestation of the first deal to close in 2009. Erik Manning, of structuring agent and
  • Cat bond structurers are exploring alternative European jurisdictions for special purpose reinsurance vehicle (SPRV) incorporation, after the Irish regulator forced two re-writes of the Atlas V trans
  • PERILS – the Swiss firm established to develop the much-anticipated European industry loss index – is targeting medium-sized and regional insurers in order to gather sufficient market dat
  • Berkshire Hathaway’s (BH) appetite for catastrophe reinsurance has been blunted and the company will sell less in 2009 in order to protect its capital cushion, according to chairman Warren Buff
  • US insurer Chubb completed its $150mn East Lane Re III Florida wind indemnity cat bond earlier this month, demonstrating that the insurance-linked securities (ILS) market is open once again. Goldman
  • Ratings agencies Standard & Poor’s (S&P), AM Best and Moody’s have trimmed the ratings of troubled reinsurance giant Swiss Re on the back of its abysmal 2008 results. AM Best downgraded S
  • Ratings agency Standard & Poor’s (S&P) has posted a negative outlook on State Farm and RenRe’s $100mn joint venture sidecar-style transaction Top Layer Re, on the back of a recent action
  • As the cat bond market re-opens following a six-month hiatus, ratings agency Fitch has praised recent changes in cat bond investment guidelines and swap counterparty structures as “positive
  • Moody’s Investors Service has put $67.5mn of the notes on Glacier Re’s $180mn Nelson Re cat bond on review for a possible downgrade after the (re)insurer significantly upped its Hurricane
  • Ratings agency Standard & Poor’s (S&P) has extended the maturity date of excess liability company Oil Casualty Insurance’s indemnity-triggered casualty cat bond, Avalon Re, by a further t
  • Fitch Ratings has upgraded the class B notes of Fremantle – Brit Insurance’s three-year catastrophe swap deal – as the likelihood of a loss is diminishing with the risk period movin