Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Globe Re Ltd.

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.


Globe Re Ltd. – At a glance:

  • Issuer: Globe Re Ltd.
  • Cedent / sponsor: Hannover Re
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Multiple US catastrophe perils
  • Size: $100m
  • Trigger type: Indemnity
  • Ratings: S&P: Class A - 'BBB-'; Class B - 'BB'; Class C - 'B'
  • Date of issue: Jun 2008

Globe Re Ltd. – Full details:

The Globe Re Ltd. catastrophe bond transaction was a unique issuance in the market as it featured both an equity tranche as well as an issuance of catastrophe-linked notes.

Hannover Re was the ceding company and sponsor of this arrangement, but on behalf of its clients risks rather than its own.

The property catastrophe risks of a number of Hannover Re’s US cedants were pooled and transferred to the capital market in several tranches.

A Bermuda-based special purpose entity named Globe Re Ltd. was established for this transaction.

Globe Re Ltd. was capitalised to US $133 million, with that funded through the issue of an equity tranche of US $33 million and a further US $100 million in cat bonds bonds split into three tranches, with various rating categories.

The term of the transaction was one year and Hannover Re retained a 15.2% of the equity tranche.

The three tranches were broken down as follows:

  • $45 Million Class A
  • $40 Million Class B
  • $15 Million Class C

Uniquely, the Class A notes received an investment grade ‘BBB-‘ rating from S&P, the Class B notes were rated ‘BB’ and the Class C ‘B’.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.