Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

$63m of Successor X Ltd. Series 2012-1 notes list on Cayman stock exchange


Swiss Re’s latest Successor X Ltd. catastrophe bond transaction appears to have completed as two tranches of notes have listed on the Cayman Islands stock exchange. Initially the Successor X Ltd. Series 2012-1 deal was constructed of three tranches of notes, but just two have listed on the exchange. We’re unsure whether the third tranche was dropped from the transaction or not, but at just $63m combined it’s not the largest cat bond to come to market.

Yesterday Successor X Ltd. listed a $40m tranche of Series 2012-1 Class V-D3 notes and a $23m tranche of Class V-AA3 notes on the Cayman Islands exchange. Both tranches of notes are due to mature in 2015 so provide three years of cover.

This is the sixth takedown under the Successor X cat bond program and was designed to provide multiperil cover to Swiss Re on an industry loss basis. The Class V-D3 notes were marketed as PCS based U.S. hurricane notes, the Class V-AA3 notes were marketed as PCS U.S. hurricane and PERILS European windstorm notes. A third tranche of Class V-AI3 notes were designed to cover U.S. hurricane, European windstorm and California earthquake but have either failed to come to market or perhaps just not been listed on the exchange, we’re not sure at this stage but will update you if it becomes clear.

We hope that Swiss Re will issue a press release on the completion of this latest Successor X cat bond deal so we can clarify the amount of cover it provides.

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