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November 2009/1

  • Ratings agency Standard & Poor’s (S&P) has affirmed its credit ratings on the notes of Crystal Credit – Swiss Re’s EUR252mn credit reinsurance securitisation – despite a furth
  • Ratings agency Moody’s has downgraded the $750mn of notes in life (re)insurer Genworth Financial’s River Lake III XXX securitisation – assigning a developing outlook to the notes an
  • Goldman Sachs is working on three cat bond transactions to be launched in the fourth quarter this year, taking ILS total issuance closer to $3-4bn predictions for the full year.  At the Trading Risk
  • French reinsurance group SCOR is contemplating the launch of a new Euro wind and Japanese earthquake cat bond as a renewal of its maturing EUR120mn Atlas III transaction, according to sources. Source
  • Industry Loss Warranty (ILW) volumes in Q4 have been boosted by livecat trading during October’s Typhoon Melor and the purchase of Europe-exposed and US quake peril contracts. To date, final qu
  • Bermuda-domiciled (re)insurer AXIS Capital bemoaned longevity risk modelling as “unpredictable” and “inherently uncertain”, as it reported a $138mn fair value loss on a 2006 l
  • The near 200 investors, advisers and sponsors gathered in New York for Trading Risk’s annual executive briefing heard Swiss Re Capital Markets managing director Judy Klugman express the firm
  • The governments of Malawi and Caribbean countries may be the next to access the World Bank’s new ILS template for developing countries, following the successful closure of the $290mn MultiCat M
  • The convergence market’s uneasy relationship with US liability perils should be rethought as the prospect of a new era of tort expansion will create opportunities for the sector. This was one o
  • Rating agency Moody's has formally withdrawn the debt ratings on Arch Capital’s property cat sidecar Flatiron Re, after its loans were repaid in full earlier this year. Moody's also withdrew Fl
  • Moody’s Investors Service has maintained the ratings for Bank of Ireland’s 2007 life ILS Avondale Securities with a stable outlook, after concluding a review for possible downgrade. The a
  • Reinsurance broker Guy Carpenter (GC) and its capital markets arm GC Securities noted that achieving $3-4bn total ILS issuance for 2009 will be “quite a stretch” but “attainableR
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