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News focus - PXRE default on A&W cat bond may cost $53m.
(From Reinsurance)
Troubled Bermudian catastrophe specialist PXRE has revealed it could be on the hook for up to $53.4m in termination charges for failing to pay the premiums due under retro deals with Atlantic and Western Re Limited, the Cayman Islands-based vehicle behind its $300m November 2005 catastrophe securitisation.
PXRE confirmed it allowed a first premium-payment deadline of 8 February to lapse, and the non-payment is expected to result in an event of default that will trigger early commutation and incur termination charges of around $17.6m (see pp16-19).
The $300m securitisation deal was inked in November 2005 in the wake of hurricanes Katrina, Rita and Wilma, and provided two layers of protection over five years.
The first layer gave $200m of coverage for losses arising from hurricanes in the East and Gulf Coasts of the US; windstorms in northern Europe; and earthquakes in California.
The second layer provided $100m of coverage for losses ...
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9780820326146 Sea turtles of the Atlantic and gulf coasts of the United States. Ruckdeschel, Carol et al. Univ...characteristics of sea turtles found at the Atlantic and Gulf coasts of the US. The second part contains species accounts...
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...125 of the Best Recipes from the Atlantic, Pacific, and Gulf Coasts, and Hawaii JOHN SHIELDS. Broadway, $32.50 (304p...a PBS show), offers a tour of the Atlantic, Pacific and Gulf Coasts and Hawaii. The ethnic recipes, like Moroccan Pesto Sturgeon...
- Zooplankton of the Atlantic and Gulf Coasts: A Guide to Their Identification...
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QL123 2004-012460 0-8018-8168-4 Zooplankton of the Atlantic and Gulf coasts; a guide to their identification and ecology. Johnson, William S. and Dennis M. Allen. Johns Hopkins U. Press, [c]2005...
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...connectors to reduce congestion on the landside of their facilities. Ports everywhere, but especially those on the East and Gulf coasts, are in a race against time. According to a 2005 report by Drewry Shipping Consultants of London, the global container...
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Local negotiations between the ILA and waterfront employers are proceeding on the Atlantic and Gulf coasts. The ILA and the United States Maritime Alliance, the umbrella group for waterfront employers, have agreed on a six-year master...
- Shields, John. Coastal Cooking with John Shields: 125 of the Best Recipes from...
- Magazine article from: Library Journal Sutton, Judith June 15, 2004 700+ words
SHIELDS, JOHN. Coastal Cooking with John Shields: 125 of the Best Recipes from the Atlantic, Pacific, and Gulf Coasts, and Hawaii. Broadway. Aug. 2004. c.304p. photogs. index. ISBN 0-7679-1535-6. $32.50. COOKERY Shields...
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- Newspaper article from: The Oil Daily Piotrowski, Matt November 23, 2005 700+ words
Since peaking at the end of September, refining margins in the US have come off consistently and sharply, losing more than 80% in the last seven weeks. Product prices have fallen extremely hard lately while crude has seen more moderate losses, a situation that has punctured margins quickly. For the
- Officials sign longshore pact for East, Gulf coasts.(Brief Article)
- Newspaper article from: The Journal of Commerce Online June 28, 2004 700+ words
BYLINE: The JOURNAL of COMMERCE ONLINE The top officers of the International Longshoremen's Association and the United States Maritime Alliance said they have signed a six-year master contract ratified by ILA members on June 8. The contract, previously ratified by USMX members, will take effect
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- News wire article from: The America's Intelligence Wire May 29, 2006 700+ words
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- Major oil spill threatening Persian Gulf coasts (Seki and Baynunah involved in...
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Persian Gulf nations last week braced for a major oil spill drifting toward their coasts in the wake of a Mar. 30 collision of two supertankers in the Gulf of Oman about 9 miles off Fujairah, U.A.E. At presstime last week, an oil slick had fouled as much as 50 km of the Fujairah coastline and
