ZURICH—Swiss Reinsurance Co. said Thursday that it has received protection for up to $150 million in natural catastrophe losses from North Atlantic hurricane, European windstorm and California earthquake risks.

A catastrophe bond arranged by Successor X, a special-purpose vehicle established in the Cayman Islands, covers a one-year period ending in late 2010, Zurich-based Swiss Re said in a statement.

Successor X has issued notes linked to the risk in the capital markets.

“Insurance-linked securities are a cornerstone of Swiss Re's hedging strategy,” Brian Gray, the reinsurer's chief underwriting officer, said in a statement. “It helps us to manage peak natural catastrophe risks, lowers capital requirements and reduces earnings volatility.”

Swiss Re Capital Markets was the sole manager on the note issuance. Risk modeling and analysis was performed by EQECAT Inc.