On 7 October 2013, Swiss Reinsurance Company Ltd successfully closed its issuance of CHF 175 million 7.50% Subordinated Contingent Write-off Securities with a scheduled maturity in 2045 (the Notes). The Notes provide for a dual contingent writeoff mechanism which is triggered (i) in case the required minimum solvency margin falls below 135% and (ii) in the case of an insurance trigger event that is linked to the occurrence of a 1 in 200 year Atlantic hurricane. The Notes are listed on the SIX Swiss Exchange.
(Reference: CapLaw-2013-33)