Xl capital
Primus looks to fill monoline void
Published online only
Source: Risk magazine
New York-based credit derivatives product company (CDPC) Primus Guaranty is planning a new venture to write credit default swap (CDS) protection on corporate and sovereign debt and some AAA rated structured...
Published online only
Source: Risk magazine
An auction held on May 13 determined a final settlement value of 44.25 cents on the dollar for loan-only credit default swaps (LCDSs) referencing Chicago-based shopping mall owner General Growth Properties;...
Published online only
Source: Risk magazine
An auction is to be held to settle credit derivatives linked to Syncora, the monoline formerly known as XL Capital Assurance, after a committee declared a credit event to have occurred on the firm on May...
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Ambac clears deck of $1.4 billion CDO-squared
Published online only
Source: Risk magazine
New York-based bond insurer Ambac has rid its books of exposure to a $1.4 billion collateralised debt obligation-squared (CDO-squared) transaction, by commuting a guarantee written on it for arranger Citi.
Losses and lawsuits
Original headline:
Source: Risk magazine
Two monolines face lawsuits for not paying out on guarantees made on collateralised debt obligation of asset-backed security tranches. How will these legal actions affect the monoline sector? Radi Khasawneh reports
Two monolines face legal action
Published online only
Source: Risk magazine
XL Capital Assurance and Financial Guaranty Insurance Company (FGIC) face legal action by three banks after cancelling insurance contracts they had written on asset-backed securities transactions. The lawsuits have raised further doubts over the future...
Crisis point
Original headline:
Source: Risk magazine
Monolines are holding on to their AAA ratings by a thread. With no improvements in the credit market in sight, a restructuring of the sector looks increasingly likely. What options are on the table? Radi Khasawneh reports
Clemmons quits XL Weather; resigns WRMA presidency
Published online only
Source: Risk magazine
Lynda Clemmons, president and chief operating officer of Connecticut-based XL Weather & Energy, has left the weather risk and energy trading company. XL officials said Clemmons did not renew her employment contract and that they do not know her future...
Ex-Aquila weather traders find new jobs
Published online only
Source: Risk magazine
Ravi Nathan, formerly head of weather trading at Missouri-based energy company Aquila, is to join insurance firm ACE, heading its weather risk management division out of its Philadelphia office. Meanwhile, six of his former Aquila colleagues are set to...
Structured finance caught off-balance
Published online only
Source: Energy Risk
Efforts by energy and finance professionals to stress the difference between legitimate off-balance-sheet entities and Enron’s opaque devices have had little impact, as US regulators rush to clean up structured finance. Maria Kielmas reports
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