LI Re (Series 2014-2)

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LI Re (Series 2014-2) – At a glance:

  • Issuer: LI Re (Series 2014-2)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: Property catastrophe risk
  • Size: $5m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Dec 2014

LI Re (Series 2014-2) – Full details:

This private cat bond deal saw Kaith Re, a Bermuda Class 3 insurer and segregated accounts company owned by Hannover Re, on behalf of its segregated cell and bond program 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 as a series 2014-2 tranche of notes.

The underlying reinsurance contract does not cover Hannover Re’s risks, rather this deal sees Hannover Re acting as a risk transformer using its Class 3 insurer and segregated accounts vehicle Kaith Re to offer a cedent a private cat bond facility to effect the deal, between cedent and investor.

The LI Re ILS issuance program and the $5m of Series 2014-2 notes issued have been listed on the Bermuda Stock Exchange.

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