Catastrophe Bonds at Swiss Re
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Publication Date:
September 02, 2004
Industry:
Financial Services
Source:
Harvard Business School
In 2002, Swiss Re, the world’s second–largest insurance company, is considering securitizing parts of its risk portfolio in the capital markets. This would be a first for the company that, until then, had never transferred risk off its balance sheet. Peter Giessmann, head of the Retrocession Group, is considering catastrophe bonds as a way of transferring risk. “Cat bonds” are securities whose payments depend on the probability of a catastrophe occurring, such as an earthquake or hurricane. This case outlines the traditional reinsurance market and securitization efforts that have taken place in the past and then focuses on Swiss Re’s decision as a sell-side participant in the cat bond market.
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Catastrophe Bonds at Swiss Re
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