Seaside Re (Series 2022-1)

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Seaside Re (Series 2022-1) – At a glance:

  • Issuer: Kaith Re Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: U.S. property catastrophe risks
  • Size: $24m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jan 2022

Seaside Re (Series 2022-1) – Full details:

Hannover Re has used its Bermuda domiciled reinsurance transformer vehicle Kaith Re Ltd. to issue this new private cat bond for 2022, acting on behalf of its segregated account named Seaside Re.

Hannover Re’s transformer vehicle Kaith Re Ltd. acted on behalf of its segregated account named Seaside Re to issue $24 million of 2022-1 notes that were then sold to investors.

The $24 million of Seaside Re 2022-1 notes were created through the transformation and securitisation of underlying reinsurance related contract risks contained in the segregated account Seaside Re and the notes are due for maturity January 15th 2023, so likely represent a one-year contract from the renewals.

As with all the Seaside Re private cat bond deals, this $24 million Seaside Re 2022 provides an unknown cedent with collateralized reinsurance or retrocessional protection covering losses from unknown US property catastrophe risks.

This $24m of Seaside Re Series 2022-1 private cat bond notes have been listed on the Bermuda Stock Exchange (BSX) as Section V – Insurance Related Securities and were sold to qualified institutional investors.

The underlying transaction for this private cat bond is likely to be a collateralized reinsurance or industry loss warranty (ILW) arrangement, as are most typical with a private cat bond arrangements. Further details of the exact nature of the transaction are unavailable at this time.

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