Successor II Ltd. (Series 4) – Full details:
Swiss Re has again tapped it’s Successor II shelf programme to transfer more of it’s catastrophe risks to the capital markets. Successor II Ltd., set up in 2006, is a Cayman Islands based SPV set up to allow Swiss Re to issue further securities when it chooses.
The $60m of Series 4 notes issued in this transaction provide cover for Swiss Re against losses from Atlantic hurricanes and California earthquakes.
The trigger used is a parametric index for both perils.
This deal was privately placed and unrated, it involved Swiss Re Capital Markets as sole underwriter.