Nelson Re downgraded on Glacier run-off
Moody's Investor Service has downgraded the outlook on Glacier Re's 2008 Nelson Re catastrophe bond on the risk of strategic default after the Swiss reinsurer placed its business in run-off.
Moody's placed a negative outlook on a $45mn tranche of Nelson Re class H notes as well as a $67.5mn tranche of class I notes, although it affirmed their ratings at B3 and B1 respectively.
These notes covered European windstorm risk, while a third Ca rated $67.5mn tranche of class...
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