Hannover Re
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago. -
Hannover Re’s Bermuda-based reinsurance transformer Kaith Re has issued a new $15mn private cat bond, a Bermuda Stock Exchange filing confirms.
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CEO Jean-Jacques Henchoz said it was “difficult to find a positive trend” in the global risk outlook.
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The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The bond will provide cover for US named storm and earthquake events in all 50 US states.
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The bond will provide coverage for US named storms and earthquakes.
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The bond is seeking earthquake coverage in California on an indemnity, annual aggregate basis.
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Net large losses included impacts from the New Zealand flooding, the Turkey earthquake and cyclone Gabrielle.
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The executive leads a fronting reinsurer which has been a major enabler of ILS market growth.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The large-loss impact to the P&C Re combined ratio rose 0.4 percentage points to 7.9% for the full year compared with 2021.
