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Standard & Poor’s Ratings Services has assigned its ‘BB+’ senior secured debt rating to the $90 million series 1 class A principal at-risk variable-rate notes and the $30 million series 1 class B principal at-risk variable-rate notes issued under the newly established shelf program, AKIBARE Ltd., sponsored by Mitsui Sumitomo Insurance Co. Ltd. (MSI).

This is the first series of notes issued under this program. S&P explained that the notes benefit Swiss Re, as the counterparty, as it has “bought fully collateralized retrocession protection against high severity losses incurred from typhoons in Japan, in connection with a reinsurance contract it entered into with MSI.” AKIBARE is a special-purpose Cayman Islands-exempted Company, whose ordinary shares are held in a charitable trust. Under the program, Swiss Re is able to issue class A and B notes with a maximum notional amount of $500 million