Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Swiss Re places $125m Parkton Re catastrophe bond


Swiss Reinsurance America Corp. has returned to the cat bond market to issue the third deal this year involving Swiss Re. Parkton Reinsurance Ltd. is a Cayman Islands special purpose vehicle set up to issue a $125m bond on behalf of two North Carolina nonprofit insurance associations (the North Carolina Joint Underwriting Association and the North Carolina Insurance Underwriting Association).

Parkton Re has been issued to provide the two nonprofits with $125m of reinsurance protection against hurricane losses in North Carolina and the Barrier Islands until 6th May 2011. The bond will simply be triggered if storm losses experienced by members of the NCJUA and NCIUA exceed a set amount during the next two years.

Standard and Poor’s have rated Parkton Re Ltd’s. Series 2009-1 notes B+.

We’ll bring you more details as we get them. As ever you can read every cat bond deal since 1994 in the Artemis Deal Directory.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

Artemis Newsletters and Email Alerts

Receive a regular weekly email newsletter update containing all the top news stories, deals and event information

  • This field is for validation purposes and should be left unchanged.

Receive alert notifications by email for every article from Artemis as it gets published.