Hannover Re
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The deal is 45% larger than 2024’s issuance after attracting a “greater number of investors”. -
Sources warned some property XoL books are already running 50% loss ratios.
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The reinsurer had taken the opportunity to buy more limit across event and aggregate covers.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The carrier is likely to exceed its Q1 large-loss budget due to the California wildfires.
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The reinsurer has cut the cession rate to 33% from 40% last year.
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The reinsurer is seeking index-based cover for a wide scope of perils and territories.
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The reinsurer confirmed its intention to reduce the K-Cession sidecar for 2025.
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The outgoing CEO will leave the company at the end of March 2025.
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The reinsurer is planning to drop its cession rate from 40% to 30%-35%.
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The losses were not passed through to the firm’s ILS business.
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Hannover Re's cyber bond pays on a parametric basis for each hour after an agreed waiting period.
