Swiss Re
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The bond in four tranches will offer USAA multi-peril aggregate cover. -
She was previously an investor relations senior manager at Swiss Re.
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The reinsurer said its stop-loss bond required a “partnership” approach to distribution.
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The first-of-its-kind deal blends bank financing with ILS funding.
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The company said it is seeking to “extend the boundaries of insurability” as it can now model over 50% of secondary peril exposure.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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Swiss Re’s recent underwriting actions, model updates and risk repricing have prepared it to take on more secondary perils, according to its top team.
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The reinsurer said the third-party platform, which reached $2.2bn at the start of this year, provided capital relief and supported nat-cat capacity.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The new cat bond will add to $450mn worth of existing cover protecting the reinsurer.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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The carrier’s P&C unit delivered a $2.1bn net profit that compared to a loss of $271mn the prior year.
