Hannover Re
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The carrier took a EUR58mn hit in Q2 from Jebi, putting its retro covers on point to trigger. -
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.
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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.
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The carrier renewed its retro contracts and expanded its K sidecar to $640mn for 2019.
