Credit insurance market exposed to Mozambique default

Credit insurers have hundreds of millions of dollars in exposure
to a recent debt default in Mozambique, amid restructuring talks
between the country and its creditors.
XL Catlin and Liberty Mutual Insurance Europe are the two
insurers with the largest lines on $350mn-$400mn of Mozambique
government-guaranteed credit insurance policies taken out by Credit
Suisse and VTB in the 2013-14 year of account, according to
sources.
Loan notes were packaged by Credit Suisse and VTB and sold to
investors i