Swiss Re closes first round of catastrophe risk securitisation

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 bas

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