PIONEER 2002 Ltd.

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


PIONEER 2002 Ltd. – At a glance:

  • Issuer: PIONEER 2002 Ltd.
  • Cedent / sponsor: Swiss Re
  • Placement / structuring agent/s: Swiss Re Capital Markets Corp. acted as sole bookrunner for the transaction
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. hurricanes, European windstorms, California earthquakes, Central U.S. earthquakes and Japanese earthquakes
  • Size: $255m
  • Trigger type: Parametric index
  • Ratings: ?
  • Date of issue: Jun 2002

PIONEER 2002 Ltd. – Full details:

Swiss Re has raised $255m from a four-year bond for protection against natural catastrophes.

They have signed a financial contract with PIONEER 2002 Ltd., a special purpose vehicle based in the Cayman Islands and the issuer of the $255m of securities. Swiss Re Capital Markets Corporation, privately placed the securities with institutional investors.

The financial contract provides Swiss Re with protection based on parametric indices tied to natural perils. Under these indices, Swiss Re’s recovery after an event is tied to physical parameters such as earthquake strength or wind speed.

Five of the indices address individual risks, North Atlantic hurricanes, European windstorms, California earthquakes, Central U.S. earthquakes and Japanese earthquakes, while the sixth is a combination of the other indices.

Survey imageAlongside our sister publication Reinsurance News, we’ve launched a new survey for the insurance, reinsurance and insurance-linked securities (ILS) industry, asking for your opinion on the market implications of the Covid-19 coronavirus pandemic. Answer our survey here.

Read Covid-19 coronavirus related news & analysis here.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.