Cat Bond Default After SIV Fails To Pay

10 Feb 2009

The failure of special purpose vehicle Willow Re to make an interest payment in time has caused a catastrophe bond sold by Allstate Corp. to default.

The failure of special purpose vehicle Willow Re to make an interest payment in time has caused a catastrophe bond sold by Allstate Corp. to default. Willow Re is one of four deals that used a unit of Lehman Brothers as a total return swap counterparty and that ...

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