Swiss Re leans on capital markets as cat bonds boom

Swiss Re’s Successor X vehicle added another $170m to a strong stream of cat bond issues in recent months, selling new risks into the ILS market, including Australian earthquake protection. The insurer has been pushing hard in ILS recently, taking advantage of strong demand for uncorrelated assets. Swiss Re’s figures also show a maturing market, based on real money as well as banks. However, the asset still needs to break out of its 144A straitjacket and establish a stronger European presence to move forward. Read EuroWeek on Friday to find out how.