Now, having opted for just the Class A and C tranches, weвЂ™re told Swiss Re has secured $200 million of retrocessional reinsurance with this cat bond, an upsizing from the original $150 million initial target. Given market conditions in the catastrophe bond market at this time, as well as the hardening of reinsurance rates, securing a new cat bond issuance at increased size and with pricing below the initial guidance signals a particularly strong execution for Swiss Re in its latest visit to the cat bond market.ДЄs we reported on May 24th, Swiss Re was back in the catastrophe bond market seeking $150 million of retrocessional protection with this new Matterhorn Re deal.ДЄs we explained, the way the issuance was structured suggested that Swiss Re was testing out market appetite with three differently arranged, but similarly risky tranches of notes on offer for cat bond investors.ДЄs we subsequently reported earlier this week, one of the tranches of notes was dropped from the issuance, a Class B tranche of shorter-tenure coupon notes, while a shorter duration Class A trance of zero-coupon notes and a multi-year Class C tranche of coupon notes were still being marketed, although with tighter pricing. (Series 2022-2) deal, upsizing the coverage it will provide to $200 million, while also getting the protection at lower than guidance pricing. Global reinsurance giant Swiss Re appears to have had a very successful visit to the catastrophe bond market with its latest and US hurricane focused Matterhorn Re Ltd.

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