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Swiss Re Capital Markets places $100M cat bond for 3 insurers

Swiss Re CapitalMarkets Corp. has structured and placed the issuance of $100 millionin insurance-linked securities by Laetere Re Ltd. on behalf of three insurers.

Swiss Re completed the issuance on behalf of ,Family Security Insurance Co. Inc.and Interboro Insurance Co.,together termed as UPC. The transaction represents UPC's first catastrophe bond.

Swiss Re placed three classes of principal at-risk variable ratenotes issued by Laetere Re Ltd. Each of the $30 million class A note, $40 millionclass B note and $30 million class C note was structured as a discount note andhas a one-year risk period starting June 1. They provide cascading per-occurrenceindemnity protection against named storms and earthquakes affecting coastal U.S.states.

Swiss Re Capital Markets acted as the sole structuring agentand book runner in the transaction.