Hannover Re
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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.
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The reinsurer is thought to be buying the ILW protection for its own account, sources said. -
This latest deal takes 2019 cat bond lite issuance to $749.5mn, below the $973.7mn total recorded last year.
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Hannover Re committed EUR50mn to the fund, which targets risk transfer in developing markets.
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The reinsurer reported a gross loss of EUR207.7mn ($230.2mn) for Dorian and EUR167.2mn for Faxai.
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CFO Vogel says he sees no further net impact from the Japanese event after first-half loss creep.
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The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger.
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The bond will attach at $2.1bn, sitting alongside previous issuances in the series.
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The reinsurer lifted its P&C reinsurance top line by 23 percent in Q1.
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Both tranches of Fema’s $300mn FloodSmart Re cat bond have priced at the upper end of the initial guidance.
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The deal would be the US agency’s second.
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The carrier also reported a 12.2 percent increase in gross written premium in structured reinsurance and ILS activities, which reached EUR2.93bn.
