Hannover Re
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A cat-focused vehicle is “the missing piece” of Hannover Re’s ILS offerings, said Silke Sehm. -
The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers.
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Aaron Garcia will hold a senior role at the operation, sources have confirmed.
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The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
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The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
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The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
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The bond will provide named storm and quake coverage in the US.
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Wildfire losses from fronting and ILS activities were EUR438mn.
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The bond will offer retrocession coverage for Hannover Re.
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The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
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This is the first time the Texas Fair Plan has entered the cat bond market.
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
