Axis warned about developing credit/political risk exposures, including Blue City
Axis Capital could tolerate a full $399mn loss on its exposure to Blue City bonds - but Moody's has warned that additional losses from its credit/political risk book could cause a downgrade of its financial strength ratings.
The Bermudian-headquartered (re)insurer is a leading writer of structured credit (re)insurance - a class that developed from the industry's more traditional political risk-type coverage - which is experiencing losses amid the economic downturn.
Although the John Charman-led (re)insurer did not detail its political...
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