Swiss Re agrees storm risk swap

Swiss Re and Japanese (re)insurance company Mitsui Sumitomo have arranged a $100m catastrophe risk s...

Swiss Re and Japanese (re)insurance company Mitsui Sumitomo have arranged a $100m catastrophe risk swap.

Under the terms of the transaction, Swiss Re will exchange a $50m North Atlantic hurricane and European windstorm risk for a $50m Japan typhoon exposure.

The catastrophe risks represent peak risks for both parties. By carrying out the swap the companies are looking to improve the diversification of their risk portfolios.

Bruno Porro, chief risk officer of Swiss Re, said: "Swiss Re is constantly monitoring and enhancing its overall risk diversification and exposure to peak risks. This transaction, which is the latest to which Swiss Re has been both a party and a structurer, furthers this goal. It is positive to see that the skills and expertise of both Swiss Re and Mitsui Sumitomo, developed in previous transactions, have contributed to the success of this latest catastrophe swap." Click here for a pdf of this story

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