ZURICH (dpa-AFX) - Swiss Re Ltd. (SSREY.PK) has secured $400 million in natural catastrophe coverage via. a newly-formed issuer Mythen Ltd., a flexible programme allowing Swiss Re to cede wind risks in both the U.S. and Europe to the capital markets. The new programme is the latest in a series of catastrophe bonds that Swiss Re has issued since 1997 and a demonstration of Swiss Re's commitment to transferring natural catastrophe risk to capital markets.
Mythen Ltd. is an addition to Swiss Re's existing catastrophe bond programmes which would enable the company to issue multiple bonds over an extended time-frame in a flexible, transparent and efficient way. The company said that Mythen programme would replace the Successor X programme, through which the company received $2.4 billion in protection against natural catastrophe events between 2006 and 2012.
Martin Bisping, Head Non-life Risk Transformation at Swiss Re, noted: 'The transformation of re/insurance risks into an investor-friendly asset class continues to be a cornerstone of our hedging strategy for peak natural catastrophe risks. In order to grant us full flexibility to pursue this approach in the future, and to provide investors with bonds that have innovative and diversifying features, we have created the new Mythen programme as a follow-on to our long-standing Successor programme.'
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