Value of multi-peril cat bonds challenged

Combining uncorrelated perils does not necessarily make bond more attractive and presents valuation challenges, say bankers


Insurance-linked securities market participants have downplayed the attractiveness to investors of multi-peril catastrophe bonds, after Swiss Re issued a combined peril bond this month.

Swiss Re obtained $200 million in coverage against North Atlantic hurricane and UK extreme mortality risk through its new Mythen Re programme. The bond issuance is the first time hurricane and mortality risks have been combined into a bond offering.

The reinsurer said that the combination of the two uncorrelated

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