Swiss Re have now completed their latest life insurance securitization, Vita Capital IV Ltd. The mortality bond transaction provides Swiss Re with $75m of cover against severe population mortality in the U.S. or the UK. The deal covers a five-year risk period ending in 2014. The notes issued by Vita Capital have been rated ‘BB+’ by Standard & Poor’s.
The deal was arranged by Swiss Re Capital Markets acting as sole manager and bookrunner, Risk Management Solutions provided risk modelling and analysis. The deal utilises collateral based on securities issued by the International Bank of Reconstruction and Development which are highly rated.
It’s said that nervousness about the H1N1 swine flu virus has spurred Swiss Re on to seek this coverage increase.
Read the press release on the Swiss Re website.
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