Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Vita Capital V takes Swiss Re’s Vita extreme mortality protection to over $2.25 billion


Reinsurer Swiss Re has released some comments on the completion of their latest extreme mortality securitization, Vita Capital V Ltd. As we wrote earlier today, Vita Capital V successfully completed at $275m yesterday and received its ratings. It’s Swiss Re’s fifth Vita securitization in the last three years and the sixth we have recorded in our Deal Directory.

In this latest Vita issuance Swiss Re have successfully expanded the geographical coverage the programme offers by including Australian mortality risks for the first time. This reflects Swiss Re’s global mortality business and could be a sign that further issuances in the future might broaden the coverage even further. This gradual development of the mortality-linked securities market will be welcomed by investors as it is beginning to offer them a way to diversify their mortality risks geographically.

“The continuing success of each Vita placement demonstrates its effectiveness in managing Swiss Re’s capital and peak risk exposure, which further increases our ability to meet client needs,” said Swiss Re’s Chief Underwriting Officer, Matthias Weber.

By selectively placing risks in the capital markets through catastrophe bonds and insurance-linked securities Swiss Re now receives a great deal of protection from capital market investors. This latest Vita transaction takes the total extreme mortality risk protection provided by the Vita programme to over $2.25 billion.

“Starting from the earliest stages of the life ILS market, the Vita programme has served as an anchor for market participants, helping to spur development in other innovative life structures and its consequent investor growth,” commented Swiss Re’s Global Head Life and Health Risk Transformation, Nardeep Sangha.

Swiss Re Capital Markets acted as sole manager and bookrunner on this Vita Capital V Ltd. issuance.

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