SWISS RE OBTAINS $275M OF EXTREME MORTALITY PROTECTION

Reinsurer Swiss Re has once again utilized its Vita securitization programme – this time to obtain $275m in protection against extreme mortality risk. Vita Capital V 2012-1 consists of two tranches. Class D-1 covers Canada and Australia and offers a notional cover of $125m, maturing in January 2017. S&P has rated it BBB-. Class E-1 covers the US, Canada and Australia for a notional sum of $150m, also maturing in January 2017. S&P has allocated a rating of BB+. Swiss Re Capital Markets was the sole manager and bookrunner on the notes issuance. This is the fifth Vita securitization over the past three years, which brings the amount of extreme mortality risk protection raised by the programme to more than $2.25bn.