Swiss Re hybrid gets equity classification

Surprise decision from insurance regulator fails to dampen demand

A $2 billion hybrid capital securities deal from reinsurance group Swiss Re became the focus of attention when it launched into the troubled US hybrids markets on May 4.

Swiss Re hoped to circumvent a recent ruling from US insurance regulator, the National Association of Insurance Commissioners (NAIC), which effectively bars insurance companies from holding hybrids. But the regulator surprised Swiss Re, and the rest of the market, by classifying the hybrid as common stock.

Swiss Re's deal, which

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