Swiss Re Capital Markets successfully structures and places a USD 300 million catastrophe bond of Northeast United States Hurricane risk on behalf of Travelers
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Swiss Re Capital Markets has successfully advised on a USD 300 million cat bond issuance by Long Point Re III Ltd., covering Northeast US Hurricane on behalf of Travelers.
Long Point Re III Ltd. is a Cayman Islands special purpose insurer which was previously established by Travelers in 2012. The Long Point Re 2013-1 notes provide Travelers with three years of protection for hurricane losses in the Northeast United States and is the second cat bond issued from Long Point Re III Ltd.
"We are delighted to continue our support for the Travelers' Long Point Re III catastrophe bond program. 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 Markus Schmutz, Head of Structuring and Origination at Swiss Re Capital Markets.
Swiss Re was the lead structurer and a joint bookrunner for the offering.
Standard & Poor's has published a BB (sf) rating for the Long Point Re III notes.
The Long Point Re III notes were sold 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 Conduct 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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