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Swiss Re closes on US$100M Security First cat bond under Singapore's ILS regime

Swiss Re Capital Markets Corp. has closed on Security First Insurance Co.'s US$100 million Series 2019-1 catastrophe bond, the first issued under Rule 144A to utilize Singapore's new insurance-linked security regulatory regime.

Security First Insurance previously issued the class A principal at-risk variable rate notes to seek reinsurance protection against named storms and severe thunderstorms in Florida. The notes have a four-year risk period starting June 1.

Swiss Re Capital Markets was the sole structuring agent and book runner for the transaction. First Coast Re II Pte. Ltd. issued the transaction on behalf of Security First Insurance.