German reinsurance company Hannover Re has again used its Bermuda-domiciled segregated accounts vehicle Kaith Re Ltd. to issue a CHF 70m ($71m) private insurance-linked security or catastrophe bond transaction using a segregated account named Leine Re. Hannover Re’s Kaith Re vehicle, a Class 3 insurer and segregated accounts company, has previously been used by the reinsurer to provide quota share cessions of a portion of the reinsurers’ risk to investors, forming part of the firms K cessions series of transactions. It was also used recently for a private catastrophe bond transaction, known as LI Re, completed in October which saw the reinsurer acting as a private cat bond facilitator for an investor. Late last week CHF 70m (approximately $71m) of securities were listed on the Bermuda Stock Exchange (BSX) under the listing classification Section V as insurance related securities which were issued by Kaith Re Ltd. acting in respect of a Segregated Account named as Leine Re. The CHF 70m of ILS notes are due for maturity on the 15th January 2015.
Posted on: Mon, 29 Dec 2014 09:17:58 +0000
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