Swiss Re successfully places USD 442 million in a catastrophe mortality securitization for the benefit of AXA cessions

13 November 2006, Zurich

Swiss Re has successfully placed USD 442 million, denominated in EUR and US dollar, of securities covering catastrophic mortality experience in France, Japan and the United States for the benefit of AXA cessions.

Swiss Re arranged the securitization for AXA and acted as the global coordinator for the initial offering of USD 442 million. This offering of notes by Osiris Capital Plc, closed on 9 November 2006. The catastrophic mortality experience covered by the programme is based on official mortality statistics in each of the countries.

Osiris is the first catastrophic mortality programme structured for a primary insurance company. The offering includes for the first time EUR denominated notes alongside USD denominated notes, a BB+/Ba1 (non investment-grade) tranche and is based on a multi-country mortality index with a 60% weight on French mortality.
Details of the notes placed in the initial offering are:

The transaction attracted considerable investor demand and was largely oversubscribed across classes. CIFG Europe acted as guarantor for the class B1 notes.

All these securities have been sold, this announcement is a matter of record only. The notes referred to herein have not been and will not be registered under the securities laws of any jurisdiction, and any offer or sale thereof may only be made in a transaction exempt from registration.

Notes to editors

Swiss Re

Swiss Re is the world's leading and most diversified global reinsurer. The company operates through offices in over 30 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company's traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated "AA-" by Standard & Poor's, "Aa2" by Moody's and "A+" by A.M. Best.

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