Hannover Re Capital Partners establishes new Bermuda fund structure and SPI

Hannover Re Capital Partners, the Bermuda-based insurance-linked securities (ILS) platform established by global reinsurance firm Hannover Re, is continuing to expand its activities on the island, with new fund infrastructure established to support ILS investment options for clients.

We’ve learned that Hannover Re Capital Partners (HCP) has recently set up and registered two new company structures to facilitate a widening of the range of ILS investment opportunities it is managing and offering.

Recall that Hannover Re Capital Partners was launched as a specialist ILS manager for the reinsurer at the beginning of 2026.

The company’s executives later revealed that Hannover Re Capital Partners (HCP) began writing business at the January 1st 2026 reinsurance renewals.

As we understand it, capital deployment has continued through 2026 at reinsurance renewals and the company told us that partner capital from investors is being deployed. A spokesperson also told us that HCP is working to broaden its investor base and establish new structures to provide clients with access to direct and efficient investment strategies.

Now, we’ve learned of two new structures being set up in Bermuda, one a fund structure and the other a special purpose insurer (SPI).

First, Hannover Re Capital Partners Fund Ltd. has been registered on the island which we understand to be a co-mingled investment fund structure.

In addition, Hannover Re Capital Partners SPI Ltd. has also been registered for HCP, and we understand this is aspecial purpose insurer (SPI) that will act as a transformer for executing on risks for HCP strategies to allocate capital to and invest in, likely including the new fund structure as well.

This continues the infrastructure build-out at Hannover Re Capital Partners in Bermuda and comes at a time when the ILS investment management unit has also been strengthening its team.

There’s still no clarity of how much investor capital has been deployed to-date, with sources suggesting it’s in the low hundreds of millions of dollars at this stage.

But with this new ILS fund structure and SPI now registered, it suggests the Hannover Re Capital Partners unit could raise fresh capital and have more to deploy in 2027.