Swiss Re places $240M of catastrophe bonds issued on behalf of Allianz unit

ZURICH—Zurich-based Swiss Re Capital Markets Corp. has placed $240 million of multiperil catastrophe bonds issued on behalf of Allianz Argos 14 GmbH, a wholly owned subsidiary of Munich-based Allianz S.E., Swiss Reinsurance Co. Ltd. announced Thursday.

The insurance-linked securities cover North Atlantic hurricane risk as well as U.S. and Canada earthquake risks and were issued by Blue Danube Ltd., a Hamilton, Bermuda-based special-purpose vehicle established to support the issuing of catastrophe bonds on behalf of Allianz. Risk modeling analysis for the bonds, which have a three-year term, was provided by Boston-based AIR Worldwide Corp.

“We are very pleased to be able to support Allianz S.E. with their risk transfer needs, providing them with a multiyear solution covering exposure to peak hurricane and earthquake perils in the North Atlantic and North America," said Jean-Louis Monnier, director and head of ILS Europe at Swiss Re Capital Markets, in a statement.