Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Swiss Re on the completion of the $400m Mythen Ltd. catastrophe bond


Reinsurer Swiss Re have issued a press release regarding the recently completed $400m Mythen Ltd. multi-peril catastrophe bond transaction. The release see’s Swiss Re demonstrate their commitment to the capital markets as a source of risk transfer for certain of their natural catastrophe risks. Mythen Ltd. is the latest cat bond programme from Swiss Re who first accessed the capital markets for reinsurance cover back in 1997. Our Deal Directory lists 66 transactions in which Swiss Re has been a sponsor since 1997.

Swiss Re say that Mythen Ltd. is an addition to their existing catastrophe bond programmes and will enable them to issue multiple bonds over an extended time-frame in a flexible, transparent and efficient way. The programme was named after their headquarters on Mythenquai and will replace their Successor X programme which they issued cat bonds through from 2006 to 2012.

Martin Bisping, Head Non-life Risk Transformation at Swiss Re, said; “The transformation of re/insurance risks into an investor-friendly asset class continues to be a cornerstone of our hedging strategy for peak natural catastrophe risks. In order to grant us full flexibility to pursue this approach in the future, and to provide investors with bonds that have innovative and diversifying features, we have created the new Mythen programme as a follow-on to our long-standing Successor programme.”

Matthias Weber, Swiss Re’s Group Chief Underwriting Officer, added; “Last year was the second most active year ever in terms of insured natural catastrophe losses. This highlights the need for re/insurers to effectively manage their peak exposures and ensure capacity is available. With almost 15 years of expertise in the field of insurance-linked securities, Swiss Re continues to pioneer new catastrophe bond solutions, both for its own book and for clients.”

This first issuance through Mythen Ltd. saw Swiss Re issue three tranches of notes which will provide $400m of cover for U.S. hurricanes and European windstorms on both a first and second event basis. Full details of Mythen Ltd. can be found in our Deal Directory.

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