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International

Credit Suisse sells ILS worth $222 million via Bermudian insurer

May 30, 2016 Reprints

Swiss financial services firm Credit Suisse Group A.G. has sold 220 million Swiss francs ($222 million) worth of insurance-linked securities via a Bermudian special purpose insurer, reported The Royal Gazette.

The five-year securities were sold under the name of Operational Re and would cover losses of between CHF 3.5 billion and CHF 4.2 billion from operational failures such as fraudulent transactions, computer system disruptions, unauthorized trading and more. The security is underpinned by a policy with Zurich Insurance Group A.G., which retains CHF 50 million of the risk.

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Credit Suisse sells ILS worth $222 million via Bermudian insurer

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