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Liberty Mutual's $200m cat bond gets S&P rating
26 February 2009
US insurer Liberty Mutual's forthcoming cat bond, Mystic Re II, has been assigned a BB rating by Standard & Poor's.
mystic Re II
US insurer Liberty Mutual's forthcoming cat bond, Mystic Re
II, has been assigned a BB rating by Standard & Poor's.
The $200m of Series 2009-1 notes will cover US hurricane and
earthquake losses above a weighted insured industry loss
trigger level of $50bn, with an exhaustion point of $55bn. The
term of the cover is three years.
The risk modelling for the deal is based on AIR's 2008 US
hurricane and earthquake models.
Mystic Re II is the successor to Mystic Re, a $200m cat
bond issued in 2006.
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