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(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 ...