Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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Credit insurance market exposed to Mozambique default

Bernard Goyder 2 May 2017

Credit insurers have hundreds of millions of dollars in exposure to a recent debt default in Mozambique, amid restructuring talks between the country and its creditors.

XL Catlin and Liberty Mutual Insurance Europe are the two insurers with the largest lines on $350mn-$400mn of Mozambique government-guaranteed credit insurance policies taken out by Credit Suisse and VTB in the 2013-14 year of account, according to sources.

Loan notes were packaged by Credit Suisse and VTB and sold to investors in 2013...

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This article was published as part of issue May 2017/1

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