Successor II Ltd. (Series 4)

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Successor II Ltd. (Series 4) - At a glance:

  • Issuer / SPV: Successor II Ltd. (Series 4)
  • Cedent / Sponsor: Swiss Re
  • Placement / structuring agent/s: Swiss Re Capital Markets was sole underwriter
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: U.S. hurricane, U.S. earthquake
  • Size: $60m
  • Trigger type: Parametric index
  • Ratings: ?
  • Date of issue: Apr 2009
  • news coverage: Articles discussing Successor II Ltd. (Series 4) from

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.

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