Hannover Re have stepped into the alternative market again by sponsoring a 1 year retrocessional sidecar Globe Re. The deal comprises $100m of debt securities and $33m of equity. Moody’s have announced the ratings given to the security tranches as Baa3 to the $45m tranche A, Ba2 to the $40m tranche B and B2 to the $15m tranche C. Each tranche has a different probability of attachment, expected loss, and priority with respect to interest and principal payments.
Globe Re will assume a majority share of the premiums and losses on some Hannover Re’s U.S. property catastrophe reinsurance contracts with clients.
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