Glacier Reinsurance AG said today it has set up a Cayman Islands-based unit to issue $1.5 billion of catastrophe bonds.
The Switzerland-based carrier said the first issuance of the Series 2007-I Notes has been capitalized by raising $75 million in the form of bonds from a group of institutional investors.
The bonds have been rated "B" by Standard & Poor's Rating Services and "b-minus" by A.M. Best Company. The new carrier, Nelson Re, has entered into a reinsurance agreement with Glacier Re under which it will provide fully collateralized reinsurance protection.
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