Hannover Re
-
The reinsurer’s capacity is hugely important to ILS firms, with few alternative providers. -
Aaron Garcia will hold a senior role at the operation, sources have confirmed.
-
The reinsurer plans to repeat its 2025 purchasing for property and specialty protections.
-
The firm booked net losses from the LA wildfires of EUR615.1mn in the first half.
-
The deals covered Euro wind and Italy quake, Florida hurricane and a retro bond.
-
The bond will provide named storm and quake coverage in the US.
-
Wildfire losses from fronting and ILS activities were EUR438mn.
-
The bond will offer retrocession coverage for Hannover Re.
-
The catastrophe bond comes after the issuance of a Mayflower Re bond last year.
-
This is the first time the Texas Fair Plan has entered the cat bond market.
-
The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”.
-
Sources warned some property XoL books are already running 50% loss ratios.
