Swiss Re secures $130M catastrophe bondPosted On: Nov. 9, 2011 12:00 AM CST
ZURICH—Swiss Reinsurance Co. Ltd. has obtained $130 million in protection against Atlantic hurricane and European windstorm losses through its Successor X Ltd. catastrophe bond program.
Swiss Re said Wednesday that the multiyear coverage will end in November 2015.
The transaction is the fifth in the Successor X program, Swiss Re said, which so far has given the company $2.39 billion of protection against natural catastrophe events.
“After a brief dip in returns following the Japan earthquake, the ILS marketplace has rebounded, demonstrating the commitment investors have to catastrophe bonds,” Martin Bisping, Swiss Re’s head of nonlife risk transformation, said in a statement.
“Insurance-linked securities remain a cornerstone of our hedging strategy, giving us competitive advantage by allowing us to manage peak catastrophe risk more effectively,” added Matthias Weber, head of the property and specialty division of Swiss Re.