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Swiss Re agrees storm risk swap.

Europe Intelligence Wire

| September 01, 2003 | COPYRIGHT 2003 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 and Japanese (re)insurance company Mitsui Sumitomo have arranged a $100m catastrophe risk swap.

Under the terms of the transaction, Swiss Re will exchange a $50m North Atlantic hurricane and European windstorm risk for a $50m Japan typhoon exposure.

The catastrophe risks represent peak risks for both parties. By carrying out the swap the companies are looking to improve the diversification of their risk portfolios.

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