A Bermuda-registered company has completed a $100 million bond to provide insurance cover to a Swiss reinsurer for potential losses from ?second event? catastrophes around the world.

The bond, organised by Helix 04 Limited, a Bermuda special purpose exempted company, used risk models developed by AIR Worldwide Corporation to assess its European windstorm risks, according to a Press release.

The five year, $100 million transaction provides catastrophe cover to Converium Ltd. for potential losses from European windstorm, US earthquake, US and Caribbean hurricane and Japanese earthquake. Aon Capital Markets underwrote the transaction and placed the notes. Helix follows on from but is broader than Trinom, a catastrophe bond launched in 2001 that was also modeled by AIR.

By means of a counter-party contract the transaction provides Converium Ltd.?s Bermuda branch with protection against the occurrence of second and subsequent events in four peril regions.

Converium launched the bond after the expiry of a similar bond called Trinom.

?The Helix transaction?s scope is broader than Trinom?s. Coverage is based on modeled losses to a notional portfolio,? a Converium statement said.

?The notional portfolio was structured by Converium to reflect its European windstorm, US earthquake, Japanese earthquake and North Atlantic hurricane exposures. Converium expects to benefit from predefined attractive fixed pricing.?

?This transaction once again proves Converium?s ability to access the capital markets as an alternative to traditional retro markets,? said Dirk Lohmann, Converium?s chief executive officer. ?In sponsoring Helix 04, Converium offered investors the opportunity to share in a well-defined structure which they can use to diversify their portfolios. We have also secured our shareholders? interest by reducing our exposure to price increases and credit risk following a major industry event. In addition, we were able to benefit from favourable conditions currently prevailing in the capital markets.?