Swiss Re Issues $170M Cat Bond

Swiss Reinsurance has raised about $170 million to protect against natural catastrophes.

Swiss Reinsurance has raised about $170 million to protect against natural catastrophes, The Wall Street Journal reports. The protection was acquired through the Successor X catastrophe bond program, which will cover the Australia earthquake, North Atlantic hurricane and California earthquake risks.

The deal will cover risk for three years until December 2013. Successor X has issued notes linked to these risks to the capital markets. Swiss Re has raised about $1.6 billion of protection from earlier Successor programs.

Click here for the story from The Wall Street Journal.

Click here for the additional coverage from Bloomberg.