Swiss Re has entered into a transaction with Successor X to receive up to $150 million of payments in the event of certain natural catastrophes with focus on North Atlantic hurricanes, European windstorms and California earthquakes. The transaction covers a one year risk period ending in late 2010. Successor X, in turn, has issued notes linked to this risk to the capital markets. Successor X is a special purpose vehicle with a flexible program structure, which will allow subsequent issuances of notes.

Swiss Re has a strong track record of securitizing its natural catastrophe risks, obtaining over $1.6 billion of protection through prior Successor programs.

The Successor offering consists of three series of notes of $50 million each. One class of the notes is rated “B-“ by Standard & Poor’s while the other classes were not rated.