In the early 2000’s Swiss Re entered into a few new risk financing transactions. Some of these transactions provided risk financing for their clients for more than 10 years. Describe Swiss Re’s Committed Long-Term Capital Solutions (CLOCS) and how they are related to risk financing and contingent capital (see Culp, 2002). Make sure your answer discusses the advantages and disadvantages of such risk financing structures and how they may help corporations achieve their risk financing goals. Also, be sure your answer addresses whether these types of risk financing instruments are necessary (or the market conditions that may make them more relevant in the future).