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Swiss Re completes $750 million mortality bond


ZURICH—Swiss Reinsurance Co. has completed a $750 million (€578 million) securitization of catastrophe mortality risk.

The transaction, Swiss Re's third such deal, provides the company with protection for extreme changes in mortality for underlying risks in the United States, United Kingdom, Germany, Japan and Canada, the Zurich-based reinsurance company said in a statement.

The catastrophe mortality bond provides additional cover, as well as replacing expiring cover under Swiss Re's Vita Capital securitization program. Under the latest program, Vita Capital Ltd., Swiss Re can issue a total of $2 billion (€1.5 million) in securities.

Swiss Re's Chief Executive Officer, Jacques Aigrain, said: "This securitization enables Swiss Re to manage peak mortality exposures in a sustainable and capital-efficient manner, and is another example of how Swiss Re is addressing its strategic objective of reducing earnings volatility."