Swiss Re and Credit Suisse tip at least $5bn of cat bonds
Swiss Re says catastrophe bond sales will rise 43% this year as maturing notes are replaced and the market lures new investors, the FT reports.
“The pipeline for new cat bonds is very active and the momentum of 2009 will surely continue,” Martin Bisping, head of non-life risk transformation at the Zurich-based reinsurer, said. “We expect the market to broaden.”
Swiss Re was lead manager on more than half the 2009 issues. It said $5bn of notes expire this year.
As much as $7bn
Christian Bruns, who co-manages about $1bn in insurance-linked investments at Credit Suisse Group AG’s Clariden Leu private banking unit said: ‘“I’m confident that the market can reach $5bn to $7bn in new issuances this year.
“We will also see more European and Asian risks being sold to the market this year as investors seek more diversification.”
Cat bonds currently represent about 7% of total non-life reinsurance capacity, Bisping said.
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