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News - New natural-catastrophe programme for Swiss Re.

Europe Intelligence Wire

| July 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Reinsurance)

Swiss Re has announced the placement of a natural-catastrophe protection programme called Successor, the follow-up vehicle to the Pioneer and Arbor programmes, which has allowed it to place $950m in protection.

Successor is the latest in a series of catastrophe bonds Swiss Re has issued since 1997, and underpins the company's commitment to transferring insurance risks to capital markets. Similar to the earlier programmes, four single-peak risks (North Atlantic hurricane, European windstorm, California earthquake and Japanese earthquake) have been offered alongside multi-peril tranches.

The main distinguishing factor of the Successor programme is the risk spectrum and the triggers available across each ...

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