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A second Lehman Brothers-backed catastrophe bond is in default after issuer Ajax Re failed to repay the principal at the 8 May redemption date, according to AM Best which downgraded and withdrew its
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The recent outbreak of swine flu poses little immediate threat to the sector’s three extreme mortality cat bonds, despite the global death toll reaching 74. The World Health Organisation (WHO)
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A surge in recession-related credit losses has “increased the default possibility” of Swiss Re’s $252mn credit reinsurance securitisation, Crystal Credit, prompting Standard & Poor
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AM Best has taken rating actions on various tranches of Merrill Lynch’s innovative 2007 collateralised debt obligation (CDO) issue, Dekania. Dekania allowed smaller US and European carriers, in
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Despite cat reinsurance rates continuing to harden, several proposed sidecar vehicles looking to cash in on attractive underwriting conditions and potential capacity shortages are stalling as the key
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The renewal of Hannover Re’s hybrid sidecar vehicle - $133mn Globe Re – has been stalled by a “huge gap” between pricing in the traditional and capital markets, Trading Risk c
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Leading ILS investor Nephila Capital and a subsidiary of Allianz Risk Transfer (ART) have tapped two investors for an extra $200mn to deploy during the 2009 US wind season. The two ILS-specialist fir
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US military mutual insurer and ILS stalwart USAA has increased the size of its thirteenth consecutive cat bond, Residential Re 2009, by $90mn - to $240mn - Trading Risk can reveal. Goldman Sachs, whi
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Despite mutterings of discontent in some corners of the investor community on loss-stricken liability cat bond Avalon Re, secondary market pricing still reflects only an anticipated partial loss on t
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Military mutual insurer and insurance-linked securities (ILS) stalwart USAA has increased the size of its thirteenth consecutive cat bond, Residential Re 2009, by $90mn – to $240mn – Trad
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Credit Suisse Asset Management (CSAM) is set to launch a $65mn dedicated life insurance linked securities (ILS) fund, demonstrating the resurgent popularity of life risk trading. The fund – cal
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UK-based engineering support services firm Babcock International Group plc is structuring a £500mn longevity swap with Credit Suisse – the first in a series of transactions aimed at hedging 45