Swiss Re Capital Markets successfully places USD 270 million of North American earthquake risk on behalf of Zurich Insurance Group
03 January 2013, New York
Swiss Re Capital Markets has successfully structured and placed USD 270 million of notes issued by Lakeside Re III Ltd., covering North American earthquake risk on behalf of Zurich Insurance Group ("Zurich").
Lakeside Re III Ltd. is a Bermudian special purpose reinsurer which provides Zurich three years of excess of loss reinsurance protection on an annual aggregate basis for earthquake losses in specific territories in North America.
"We are delighted to continue our support of Zurich's risk management objectives. 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", said Jean-Louis Monnier, Head of ILS Europe at Swiss Re Capital Markets.
Swiss Re was the sole bookrunner and joint lead structuring agent for the offering.
Standard & Poor's has published a B+ (sf) rating for the Lakeside Re III notes.
The Lakeside Re III notes were sold in a private placement pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act and applicable state securities laws.
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Swiss Re Capital Markets
In the U.S., securities products and services are offered through Swiss Re Capital Markets Corporation, a registered broker dealer and a member of FINRA and SIPC. Swiss Re Capital Markets Limited is authorized and regulated in the U.K. by the Financial Services Authority. Both Swiss Re Capital Markets Corporation and Swiss Re Capital Markets Limited, together Swiss Re Capital Markets, are wholly owned subsidiaries of Swiss Re Ltd.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN. For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe.
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