Hannover Re
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The P&C business posted a EUR167.9mn underwriting deficit on EUR380mn in Covid-19-related losses. -
The carrier took a separate EUR220mn charge connected to Covid-19 losses.
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The firm said it expected its solvency ratio to be comfortably above its requirements.
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The firm's K sidecar avoided major Dorian claims, as the firm also grew its whole-account covers.
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This came as major losses ceded to retro partners reached EUR541mn.
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As per previous bonds, the transaction is fronted by Hannover Re.
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The deal's spreads are in line with those on the 2019 FloodSmart deal, with slightly higher multiples of premium to risk.
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The firm's cat excess-of-loss book rose 7.8 percent.
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The pricing targets imply a minor uplift in the premium multiples on offer.
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Pricing dropped 6 percent from the midpoint of the initial range to reach 9.75 percent.
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Pricing on the ILW bond has dropped below the initial guidance range.
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Hannover Re issued seven Seaside Re cat bond lites totalling $74.5mn yesterday, following $77mn of notes at the end of 2019.
