Hannover Re
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The reinsurer said it hopes to grow the size of the $13.75mn deal over time. -
Stefan Sperlich will lead the new unit as managing director.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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The issuer is seeking aggregate and per occurrence coverage.
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The reinsurer said retro pricing had ‘moved slightly in our favour’ at 1 January.
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The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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The Seaside Re placement is the first cat bond lite deal of 2024.
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In total nearly $139mn worth of bonds have been extended.
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The firm said it would cut its K-cession ‘significantly below 2023 levels’ and buy ‘broadly similar towers of non-proportional retro’ at 1 January.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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The cost of maintaining a team to service institutional investors does not always weigh favourably versus bringing in ILS capital.
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The Class A notes priced at the midpoint of guidance and the Class B notes at the top end.
