S&P gives Everglades Re notes B(sf)

Standard & Poor's said it assigned its B(sf) rating to the $1.5 billion series 2014-1 senior secured notes issued by Everglades Re Ltd.

The notes cover losses in Florida from hurricanes on an annual aggregate basis. This is the largest catastrophe bond issued to date.

S&P said it based the rating on the lowest of the natural catastrophe risk (B), the rating on the assets in the reinsurance trust account (AAAm) and the creditworthiness of the ceding insurer.

The agency does not maintain an interactive rating on the cedant, but it currently rates its bonds A+.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.