S&P: KAMP RE at default risk

Standard & Poor's said it has received a copy of a proof-of-claim notice from the administrator for KAMP RE 2005 Ltd. and this claim puts the ultimate net losses in excess of the transaction's $1 billion trigger amount.

The agency said that KPMG Cayman Islands, the claims reviewer, will have 20 calendar days from receipt of the notice to evaluate the claim.

If KPMG Cayman Islands provides a claims review letter with a verified amount of paid losses in excess of the trigger amount, KAMP RE 2005 Ltd. will make a reinsurance payment to Swiss Reinsurance America Corp. by Dec. 14, the agency said.

Upon receipt of a copy of the claims review letter, S&P said it will revise the rating on KAMP RE's 2005 Ltd.'s $190 million floating-rate, principal-at-risk notes to D from CC, and until that time, the rating on the notes remains on CreditWatch with negative implications, where it was placed on Oct. 5.

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