Nelson Re downgraded on Glacier wind-down
The outlook on Glacier Re's 2008 Nelson Re catastrophe bond has
been downgraded after the Swiss reinsurer placed its business into
run-off late last month.
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 $67.5mn
tranche of Class G notes covered US hurricane and earthquake...
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