Risk Transfer

Zurich - 29 Mar 2010

First cat bond to use PERILS index for European windstorm losses

Successor X, sponsored by Swiss Re, successfully closed on 26 March 2010. Successor X issued USD 120m of notes exposed over three years among others to Windstorm Europe risk. 
The transaction is the first catastrophe bond which relies on PERILS industry loss estimates for European windstorm.