Swiss Re issues 200 mln euro cat bond for Groupama

ZURICH, Jan 7 (Reuters) - Swiss Re (RUKN.VX) has placed a 200 million euro ($293.8 million) catastrophe bond for French insurer Groupama S.A., in a sign demand for securitised risk protection remains robust despite the credit crisis.

The bond was part of an 800 million-euro programme reinsuring mutual insurer Groupama against French windstorm claims, Swiss Re said on Monday.

Swiss Re is a major player in insurance-linked securities (ILS), which protect insurers against severe catastrophe claims from their clients.

The issuer gets compensated in case of a severe storm in France.

The credit crisis had sparked doubts about whether complicated ILS tools would remain in demand, given an investor flight in to more transparant financial instruments.

But Swiss Re, which sees the business as one of its main drivers of growth, said the transaction was oversubscribed and had attracted strong interest from hedge funds, dedicated ILS funds and from money managers.

To view a company statement, click on [RUKN.VX-CNR]

(Reporting by Douwe Miedema; Editing by Quentin Bryar)