Swiss Re Gets $1.15 Bln In Protection For Severe Underwriting-related Losses

Swiss Re (SSREY.PK) has successfully closed a multi-year stop-loss transaction, which covers underwriting risks across the entire Swiss Re Group. The financing was ultimately provided by J.P. Morgan and various institutional investors. Swiss Re now has protection from severe underwriting losses for the financial years 2022-2026.

The deal uses a segregated account of the existing Matterhorn Re Ltd. special purpose insurer vehicle. J.P. Morgan provided $1 billion financing via a senior loan, while various institutional investors will participate via a $150 million investment in
junior insurance-linked notes issued by the segregated account.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ice Cream maker Ben & Jerry's reportedly filed a lawsuit against parent and British consumer giant Unilever to stop the sale of its Israeli business to a local license-holder Avi Zinger. The company alleged that the decision was made without the approval of its independent board. The judge reportedly denied Ben & Jerry's application for a temporary restraining order against Unilever. J&M Foods is recalling certain Lavender Shortbread Cookies sold through department store chain Target Corp. due to undeclared allergens, the U.S. Food and Drug Administration said. These packages were erroneously packed with Chocolate Chip Cookies and do not disclose the presence of a possible allergen, such as soy or eggs. A multi-state listeria outbreak that has killed one and sickened at least 23 others has been linked to Florida -based Big Olaf Creamery brand ice cream, according to the Centers for Disease Control and Prevention or CDC. The outbreak strain has been reported from 10 states, resulting in 22 hospitalizations. One death has been reported from Illinois.
Follow RTT