Reinsurer issues new bond from Successor X programme

Swiss Re has obtained a further $170m of protection from its Successor X catastrophe bond programme.

The latest bond issuance from Successor X protects Swiss Re against Australia earthquake and US peak peril risks, including north Atlantic hurricanes and Californian earthquakes.

The transaction covers a three-year risk period, ending in December 2013.

This is the third issuance from the Successor X programme. A first bond for $150m was issued in December 2009 and a second for $120m in May 2010.

Previous Successor programmes have allowed Swiss Re to obtain more than $1.6bn of protection.

"Swiss Re has a track record of introducing non-peak risks to the capital market," said Martin Bisping, Swiss Re's head of non-life risk transformation, in a statement. "By adding Australia earthquake to this transaction, we have created a bond that offers additional diversification for investors and have once again been able to demonstrate our capacity for innovation in this field."