Swiss Re brings first Med earthquake bonds

Swiss Re, the Zurich-based reinsurance company, has closed the first Mediterranean earthquake risk bond.

The bonds transfer serious earthquake risk in five Mediterranean countries from Swiss Re to Medquake, a Cayman Islands-based special-purpose vehicle. Medquake issued the notes, which buy protection on policies in Turkey, Greece, Israel, Portugal and Cyprus, for a period of three years.

$100 million in three-year notes was issued in two tranches, each of $50 million and rated by Standard & Poor

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