Swiss Re Recognized for ILS Excellence by Trading Risk

On 1 July 2010, Trading Risk held its annual awards event, celebrating the convergence sector’s best and brightest talent at a reception held in London.

Swiss Re Recognized for ILS Excellence by Trading Risk

Swiss Re Capital Markets (SRCM) received the “Transaction of the Year” award for the team’s work on the Parkton Re deal.  Parkton Re was the first cat bond to enable a state’s residual market pool to manage its hurricane risks using the capital markets.  The transaction also included another ‘first of’ feature, which allowed surplus capital to be released if the bond is extended beyond the risk period for claims development.

This indemnity deal also features an annual reset process that uses the latest commercially available models.

Additionally, SRCM was honored as a finalist for the “Manager of the Year” category.

In 2009, Trading Risk bestowed Swiss Re Capital Markets with the “Manager of the Year” award for three notable 2008 transactions: Vega Capital Ltd. Series 2008, Mangrove Re Ltd. and Valais Re Ltd. The Swiss Re team was also a finalist for the “Derivative Initiative of the Year” category in 2009.

SRCM is a leading transformer of insurance risk to the capital markets and has been a primary catalyst in the growth and innovation for the insurance-linked securities (ILS) sector since its inception. As the leading underwriter in this sector, SRCM has underwritten 94 out of 187 cat bond deals for Swiss Re and third-party clients between 1997 and 2010.  In recent years, over 63% of our new issues by notional value have been on behalf of our third-party clients.  The SRCM distribution team has placed over $15B of cat bonds and is in touch with over 200 investors who are active in the sector.

Trading Risk  is an industry publication providing insight on all aspects of the trading of insurance-related risk, regularly including news and analysis on the latest cat bond transactions and other insurance-linked securities, tracking in-storm derivative trading, industry loss warranties, a comprehensive deal directory and other essential market data, together with other forms of alternative trading, such as weather and emissions.