Insight and Intelligence on (Re)insurance Convergence with the Capital Markets

21 May 2012

Swiss Re prices $120mn Successor X; pulls top layer

24 March 2010

Swiss Re has priced three of the original four tranches of its latest Successor cat bond, offering the reinsurer $120mn of multi peril cover over three years at less than original price guidance, Trading Risk can reveal.

Successor X 2010-1 priced on 22 March and is due to close on Friday (26 March).

The $45mn CN3 tranche has been rated B- by Standard & Poor's and will pay the return on Treasury Money Market funds (TMM) plus a spread of...

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