MATTERHORN RE CAT BOND DOUBLES IN SIZE TO 950M FOR SWISS RE

The Matterhorn Re Ltd (Series 2020-1) catastrophe sponsored by Swiss Re has doubled in size to $350m owing to investor demand, Artmis.bm has reported. The two-tranche offering will provide Swiss Re with retrocessional reinsurance cover against losses from US named storms over the next two hurricane seasons on a weighted industry loss and per-occurrence basis. A Class A tranche of notes covering storms losses for the entire US Gulf and Atlantic coasts has grown to $175m from an initial $100m, while a Class B tranche covering coastal losses from Virginia to Maine has upsized to $175m from $75m. The deal, Swiss Re’s second Matterhorn Re offering in six months, is the group’s largest in eight years.