Swiss Re closes first round of catastrophe risk securitisation

Swiss Re Capital Markets has closed the first round of an innovative $2 billion natural catastrophe risk securitisation programme. The multi-peril, multi-year programme is known as Pioneer 2002, according to a catastrophe risk investor, who wished to remain anonymous. Swiss Re declined to comment.

In May, Swiss Re began marketing $225 million in 144A bonds linked to five types of earthquake and hurricane risk that Swiss Re will seek to shed. The size of the May offering was later increased to $255 million. Swiss Re will issue new bonds through the programme whenever market appetite is strongest, hence prices lowest, until the full allotted $2 billion of risk is sold.

The Pioneer programme is unique because it addresses a catastrophe securities market shortfall in which large issues based

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here