Swiss Re Ltd.'s (SSREY.PK) Swiss Re Capital Markets Thursday said it structured and placed $270 million of notes issued by Lakeside Re III Ltd., covering North American earthquake risk on behalf of Zurich Insurance Group (ZURVY).
Lakeside Re III Ltd. is a Bermudian special purpose reinsurer. It provides Zurich three years of excess of loss reinsurance protection on an annual aggregate basis for earthquake losses in certain territories in North America.
The Lakeside Re III notes were sold in a private placement. Standard & Poor's has published a B+ (sf) rating for the notes. Swiss Re was the sole bookrunner and joint lead structuring agent for the offering.
Jean-Louis Monnier, Head of ILS Europe at Swiss Re Capital Markets, said, "The transaction demonstrates Swiss Re's strong commitment to serve our clients in transferring natural catastrophe risks to the capital markets and underlines our strong market position in developing innovative and efficient catastrophe bond products."
Swiss Re settled higher by 2.73 percent in Zurich at 67.70 Swiss francs on Thursday.
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