Swiss Reinsurance Co. is expected to bring a $245 million deal backed by the future profits on a life insurance portfolio via affiliate Swiss Re Capital Markets later this month, according to market sources. The deal marks one of the first such embedded value securitizations in the U.S., Moody's Investors Service analysts said.

The fixed-rate offering, dubbed Queensgate, is comprised of $175 million in single-A plus rated class A notes, $45 million in triple-B plus rated class B notes and $25 million in double-B plus rated class C notes, according to a Moody's presale report. All the classes have a Jan. 15, 2025 maturity date. The bonds will be placed privately under Rule 144A.

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