Zurich-based Swiss Re announced today that it has successfully placed the first catastrophe bond to be linked to Central American earthquakes.

The reinsurer said it has successfully structured and placed $85 million of securities covering earthquakes in Central America and California as well as windstorm events in the United States.

Swiss Re said the initial offering of notes by GlobeCat Ltd. closed Dec. 21, 2007, and the risk modeling company EQECAT Inc. is used as the calculation agent and for the initial risk analysis.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.