NU Online News Service, May 7, 2:25 p.m.EDT
|Swiss Re says it has secured $400 million in natural-catastrophecoverage through a catastrophe bond issued by Mythen Ltd.
|The program allows Swiss Re to cede wind risks in both theUnited States and Europe to the capital markets.
|Swiss Re sponsored three tranches of notes through CaymanIslands-registered Mythen Ltd, obtaining the $400 million inprotection over three years against U.S. hurricanes and Europeanwindstorm.
|Martin Bisping, head of non-life risk transformation at SwissRe, says in a statement, “The transformation of (re)insurance risksinto an investor-friendly asset class continues to be a cornerstoneof our hedging strategy for peak natural-catastrophe risks. Inorder to grant us full flexibility to pursue this approach in thefuture, and to provide investors with bonds that have innovativeand diversifying features, we have created the new Mythen programas a follow-on to our long-standing Successor program.”
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