Swiss Re sells largest Successor X cat bond
Swiss Re priced the fourth issue from its Successor X programme on Monday, a three year $305m catastrophe bond, that gives the insurer protection against North Atlantic hurricane and California earthquake risk. The issue is the largest from the programme despite fears that US wind and quake risk is dominating the market.
is screaming for non-US risk, said Luca Albertini of Leadenhall Capital
Partners. There has been more US wind issuance than other perils and this has
saturated the US wind capacity of some investors.
The issue is
structured in two tranches. A $165m class IV-E3 tranche is rated B by S&P,
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