Swiss Re priced its Matterhorn Re Ltd. (Series 2026-3) catastrophe bond to secure $345 million in retrocessional protection. The issuance covers North American peak perils, specifically US and Canadian earthquake and named storm risks. This transaction marks the company’s largest catastrophe bond sponsorship since 2020.
The reinsurer increased the deal size from an initial target of $275 million. Strong investor demand drove pricing for all five tranches to the lowest end of twice-reduced guidance ranges. The multi-year coverage uses an industry-loss index across aggregate and occurrence tranches.
This issuance provides Swiss Re with cost-effective, capital markets-backed retrocession for its catastrophe portfolios. The execution reflects high market appetite for the company's latest risk offering.