Swiss Re dips its toes into flood bonds

Reinsurer Swiss Re intends to issue the world's first catastrophe bonds giving investors exposure to flood risk, by the end of March.

Rating agency Standard & Poor's has rated a single $150 million tranche of notes at BB+. They will offer exposure to earthquake risk in the US (except California) and Canada, as well as river flood risk in Great Britain.

Repayment of principal will be tied to losses on a notional portfolio of exposures following an earthquake in North America and an index of

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