> ## Content Index
> Fetch the complete content index at: https://www.riskmarketnews.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Tornados Cut Through Mariah’s Rating
- URL: https://www.riskmarketnews.com/tornados-cut-through-mariahs-rating/
- Published: 2011-06-27T20:52:00.000Z
- Updated: 2011-06-27T20:52:00.000Z
- Author: Chris Westfall

Mariah Re Ltd., a catastrophe bond covering American Family Mutual Insurance from severe thunderstorms, had its rating cut by Standard & Poor’s Monday following additional reported losses following U.S. tornados. 

S&P lowered its rating on Mariah Re series 2010-1 notes to ‘CCC+’ from ‘B’ and revised the catastrophe bond status to “developing” from “negative.”

According to the S&P statement, Property Claims Services‘ preliminary estimate of total losses covered by Mariah through the end of May is $453 million and modeled losses were expected to equal $302 million. 

Although the bond was not triggered since losses did not meet the attachment point, the rating agency downgraded the notes to indicate the increase likelihood of a loss. S&P said that if additional qualifying events do not occur over the next two months and “loss estimates on existing covered events do not increase by a material amount” the bond will be upgraded.

Mariah Re was placed on CreditWatch last month after severe storms in the U.S. Midwest caused an estimated $15 billion in insured looses, according to AIR Worldwide.