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Swiss Re enters £1bn LoC with JP Morgan

Swiss Re has entered into a £1bn letter of credit with JP Morgan, which expires in 2028.

The move forms part of the Swiss reinsurer’s plans to strengthen its position in both the property and casualty arena, and the life and health market.

Maturing in 2028, the LoC facility has a life of 20 years, with a pricing reset feature after the first 10 years. This facility replaces and expands the existing arrangements Swiss Re currently has in place in order to meet US regulatory requirements for its life business.

Swiss Re’s chief executive officer Jacques Aigrain says: “Notwithstanding the difficult capital market environment, we have concluded an attractive, long term arrangement with JP Morgan which will further enhance our position to be able to benefit from opportunities that arise from the current market environment.

“Clients turn to us as they look for a very strong counterparty in terms of superior capital and liquidity – and we are responding accordingly.”

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