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March 2009/1
  • Atlas V ‘journey’ ends; market continues to evolv
    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
    12 March 2009
  • Reputation and credibility key to Atlas V investors
    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
    12 March 2009
  • SPVs search for new home after Irish delays
    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
    12 March 2009
  • PERILS seeks small insurers for index market share
    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
    12 March 2009
  • Buffett: BH to write less cat in 2009
    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
    12 March 2009
  • Chubb closes $150mn East Lane Re III
    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
    12 March 2009
  • Swiss Re downgraded on abysmal 2008 results
    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
    12 March 2009
  • Negative outlook for Top Layer sidecar
    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
    12 March 2009
  • Fitch ‘positive’ on new cat bond structures
    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
    12 March 2009
  • Glacier Re cat bond on downgrade review
    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
    12 March 2009
  • Avalon note maturity extended (again)
    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
    12 March 2009
  • Brit Insurance’s cat bond upgraded
    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
    12 March 2009
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