LI Re (Series 2014-1)

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LI Re (Series 2014-1) – At a glance:

  • Issuer: LI Re (Series 2014-1)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Property catastrophe risks
  • Size: $10.37m
  • Trigger type: ?
  • Ratings: ?
  • Date of issue: Oct 2014

LI Re (Series 2014-1) – Full details:

This private ILS transaction saw Kaith Re a Bermuda Class 3 insurer and segregated accounts company, owned by Hannover Re, on behalf of its segregated cell LI Re, transform a property catastrophe reinsurance contract from an unknown cedent into an insurance-linked security which was sold to a single ILS investor.

The underlying reinsurance contract does not cover Hannover Re’s risks, rather this deal sees Hannover Re utilising the transformation facilities that its Class 3 insurer provides to offer a cedent a private cat bond facility to effect the deal, between the cedent and the investor.

The LI Re ILS issuance program and the $10.37m of Series 2014-1 notes issued have been listed on the Bermuda Stock Exchange.

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