Hannover Re
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure. -
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.
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The insurer previously sought $250mn of coverage for any named storm event in North Carolina.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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The group’s ceded large losses reached 17% of gross losses, up from 11% a year ago.
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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.
