The best of both worlds

Hybrid Capital


Hybrid debt has become a standard tool in the capital management strategy of insurers, enabling those holding the financial purse strings to plot the most capital efficient course across the markets. Swiss Re is a prime example of this trend. According to its latest annual report, 7.3% of its Sfr477 billion available Tier 1 capital was in the hybrid format. The Zurich-based insurer issued £1 billion alone in the 12 months preceding the 2007 report - but what actually is hybrid capital?


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