Swiss Re launches $2 billion cat securitisation programme

Swiss Re Capital Markets has begun marketing a $225 million catastrophe bond offering, the first part of a $2 billion programme, that securitises Swiss Re’s reinsurance exposure to five types of earthquake and hurricane risk.

The four-year deal, called Pioneer 2002 Ltd, has six classes, corresponding to six risk classes, according to an investor familiar with the transaction. A $75 million class is based on North Atlantic hurricane risk, and four $25 million classes are based, separately, on

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