PXRE default cost on dead A&W Cat bond could hit $53m
In an SEC announcement troubled Bermudian Cat specialist PXRE has revealed that it could be on the hook for up tp $53.4m in termination charges for failing to pay the premiums due under retro deals with Atlantic and Western Re Limited, the Cayman vehicle behind its $300m November 2005 Cat securitisation..
PXRE conformed that it has allowed a first premium payment deadline due on 8th February, to lapse, and that the non-payment is expected to result in an event of default which will trigger early
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