Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Successor II Ltd. (Series 4)

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

  • Issuer: 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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