Swiss Re has returned to the catastrophe bond market and placed it’s first deal in almost ten months. They have tapped their Successor II shelf programme to transfer more of their catastrophe risks to the capital markets. Successor II Ltd., set up in 2006, is a Cayman Islands based SPV which allows Swiss Re to issue further securities when they choose.
The $60m of notes which make up this deal provide cover for Swiss Re against losses from Atlantic hurricanes and California earthquakes. As a private placement, this deal involved Swiss Re Capital Markets as sole underwriter.
You can find details on this and many other cat bond deals in the Artemis Deal Directory.