Swiss Re
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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The ratings agency placed the bond on credit watch in late March as Covid-19 deaths in the UK began to surge.
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Bond spreads settled at the lower end of the revised guidance.
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The reinsurer has lowered its spread guidance for both layers of the deal, sources said.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role. -
This would be the reinsurer's fourth cat bond of the year.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent.
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Alternative capital could provide higher levels of support in the coming months, CUO Edi Schmid said.
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The carrier’s CFO said Florida pricing “could return to more rational levels” after years of underpricing.
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The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
