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Swiss Re Capital Markets successfully transfers USD 270 million of North American earthquake risk on behalf of Zurich Insurance Group

Swiss Re Capital Markets has successfully structured and placed USD 270 million of notes issued by Lakeside Re III Ltd., covering North American earthquake risk on behalf of Zurich Insurance Group ("Zurich").

Lakeside Re III Ltd. is a Bermudian special purpose reinsurer which provides Zurich three years of excess of loss reinsurance protection on an annual aggregate basis for earthquake losses in specific territories in North America.

"We are delighted to continue our support of Zurich’s risk management objectives. The transaction demonstrates Swiss Re’s strong commitment to serve our clients in transferring natural catastrophe risks to the capital markets and underlines our strong market position in developing innovative and efficient catastrophe bond products", said Jean-Louis Monnier, Head of ILS Europe at Swiss Re Capital Markets.

Swiss Re was the sole bookrunner and joint lead structuring agent for the offering.

Standard & Poor’s has published a B+ (sf) rating for the Lakeside Re III notes.

The Lakeside Re III notes were sold in a private placement pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, (the “Securities Act”) and have not been registered under the Securities Act or any state securities laws; they may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act and applicable state securities laws.

Next Finance , January 2013

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