NU Online News Service, Jan. 21, 2005, 5:10 p.m. EST

A European reinsurer has converted a stream of anticipated insurance policy earnings into cash.[@@]

A New York-based unit of the reinsurer, Swiss Reinsurance Company, Zurich, has raised $245 million by securitizing 5 blocks of previously acquired insurance policies.

The institutional investors that bought the securities will get an average pre-tax coupon of 6.96%. Expected maturities for the securities range from 6 to 11 years, Swiss Re says.