Hannover Re
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The new executive board member has been with the business since 1996.
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The bond’s spread was confirmed at 4.25 percent, at the top end of estimates.
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The target coupon on the deal has moved to the upper end of forecasts.
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The reinsurer said it had had to pay an increase on its loss-hit aggregate retro cover.
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A large reinsurer is looking at launching an ILS fronting business to fill the gap left by the pending departure from the space of Tokio Millennium Re. -
The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019.
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The firm grew its treaty reinsurance book by 15 percent in the January renewals.
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The most recent cat bond lite issued by Kaith Re brings the total of Seaside Re deals to $112mn, up from $97mn for last year.
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The Californian earthquake deal brings the total cat bond lite issuance up to $974mn for 2018.
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Renewals late last week added $110mn to the total.
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The notes, with a combined total of $27mn, are due on 15 January 2020.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
