Swiss Re Places AXA’s Osiris Mortality Securitization Program

Swiss Re announced the successful placement of $442 million of securities covering catastrophic mortality experience in France, Japan and the United States for the benefit of AXA Cessions.

Swiss Re said it “arranged the securitization for AXA and acted as the global coordinator for the initial offering of $442 million.” The offering of notes by Osiris Capital Plc, closed November 9. The catastrophic mortality experience covered by the program is based on official mortality statistics in each of the countries.

The bulletin explained: “Osiris is the first catastrophic mortality program structured for a primary insurance company.” For the first time the offering includes both euro denominated notes alongside dollar denominated notes. The notes are rated “BB+/Ba1” (non investment-grade) and are based “on a multi-country mortality index with a 60 percent weight on French mortality,” Swiss Re added.