Hannover Re
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The losses were not passed through to the firm’s ILS business. -
Hannover Re's cyber bond pays on a parametric basis for each hour after an agreed waiting period.
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The event could unpack issues around accumulation risk and cloud services.
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The bond’s pricing for southern US storms landed at the upper bound of guidance.
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Cat bond deals placed last week amounted to $150mn of issuance.
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The bond has priced at the mid-point of guidance.
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The reinsurer narrowed the scope of perils in its latest issuance versus its 3264 2022 cat bond.
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The carrier experienced a benign Q1 for catastrophic loss activity.
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Large losses came to EUR52mn with low retro recoveries.
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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Stefan Sperlich will lead the new unit as managing director.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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