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. -
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.
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The reinsurer is thought to be buying the ILW protection for its own account, sources said.
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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.
