CREDIT SUISSE SECURES $461M IN COVER FROM OPERATIONAL RISK CAT BOND

Investment bank Credit Suisse has secured $461m in operational risk insurance with the issuance of the Operational Re II Ltd catastrophe bond, Artemis.bm has reported. The deal is the third, and largest, operational risk cat bond transaction benefiting Credit Suisse, following the $222m Operational Re offering in 2016 and the CHF 146m (around $222m) Operational Re II issuance in 2018. Like the previous offerings, Zurich Insurance is serving as the ceding insurer and in turn enters into a reinsurance agreement with the Operational Re vehicle. It is likely that the latest transaction represents a renewal of the two earlier deals rather than a straight extension of coverage, the report said.