L1 - Securitization

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

L1 - Securitization - At a glance:

  • Issuer / SPV: L1 - Securitization
  • Cedent / Sponsor: Hannover Re
  • Placement / structuring agent/s: RISConsulting Group LLC acted as transaction adviser. Rabobank International, London Branch acted as arranger of the deal.
  • Risk modelling / calculation agents etc: ?
  • Risks / Perils covered: Life reinsurance
  • Size: 100m DEM
  • Trigger type: ?
  • Ratings: ?
  • Date of issue: Apr 1998

L1 - Securitization - Full details

L1 – Securitization of Life Reinsurance Assets.

This first-of-a-kind securitization transaction transfers the financing burden, accounting impact (P&L and surplus) and reinsurance risk associated with new life reinsurance business in certain designated markets for the 1998, 1999 and 2000 years of account. Under this transaction (‘L1’), Hannover Re obtained a 75% quota share reinsurance policy, which provided the financing required in relation to the business transferred. Repayment of the financing under L1 will be through the reinsurer receiving its quota share of the profits generated by the business assumed. Financing for L1 was provided entirely by Rabobank Nederland, London Branch.

The transaction was the winner of The Review – Worldwide Reinsurance Innovation of the Year Award 1998.

Go back to the Catastrophe Bond Deal Directory

The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.

Jardine Lloyd Thompson Capital Markets

Credit Suisse Insurance Linked Strategies
Twelve Capital