Swiss Re sponsors retro earthquake bondPosted On: Jun. 1, 2007 12:00 AM CST
ZURICH, SwitzerlandSwiss Reinsurance Co. has securitized $100 million of earthquake risk in Turkey, Greece, Israel, Portugal and Cyprus.
The deal is a retrocession agreement between Swiss Re and MedQuake Ltd., which will issue $100 million of principal-at-risk variable notes.
The notes cover severe earthquake risk in the five named countries for the period May 2007 through May 2010, Swiss Re said in a statement.