Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

L2 – Securitization

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L2 – Securitization – At a glance:

  • Issuer: L2 – Securitization
  • Cedent / sponsor: Hannover Re
  • Placement / structuring agent/s: The RISConsulting Group LLC acted as transaction advisor. Rabobank International, London Branch arranged the deal.
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Life reinsurance
  • Size: $133m
  • Trigger type: Unknown
  • Ratings: ?
  • Date of issue: Jul 1999

L2 – Securitization – Full details:

L2 – Securitization of Life Reinsurance Assets.

Hannover Re concluded a further financing transaction (‘L2’) with a volume of EURO 130 million (US$133m). In contrast to its ‘L1’ predecessor, this facility was geared to so called block assumptions transactions. In this case, the reinsurer does not only finance the acquisition costs from new business, but also assumes existing (generally closed) portfolios against payment of a single commission. A further difference between ‘L2’ and ‘L1’ was that ‘L2’ may also include personal accident and health insurance business rather than only life reinsurance.

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