Hannover Re, the global reinsurance company, has facilitated issuance of a new $7.47 million private LI Re 2026-3 catastrophe bond using its Bermuda-domiciled transformer vehicle Kaith Re Ltd., with this new deal expected to support a collateralized, transformed and securitized reinsurance or retrocession arrangement.
This Series 2026-3 issuance is the third LI Re private catastrophe bond to be issued by Kaith Re Ltd. so far in 2026.
Back in April this year, Kaith Re Ltd. issued two deals, both $2 million in size, under the LI Re (Series 2026-1) and LI Re (Series 2026-2) transactions.
In 2025, issuance of these private cat bonds under the LI Re program were larger, with Hannover Re’s Kaith Re Ltd. vehicle issuing two LI Re private cat bond arrangements amounting to just under $24.53 million of notes across a LI Re (Series 2025-1) issuance in July and a LI Re (Series 2025-2) in October.
Prior to 2025, we only ever saw one LI Re cat bond lite from Kaith Re each year, so while their sizes remain relatively small it seems activity under the program is picking up again in 2026.
Hannover Re continues to play an important role as a facilitator in the insurance-linked securities (ILS) marketplace, with private cat bonds just one way it helps clients access capacity from the capital markets and investors to access securitized sources of typically catastrophe reinsurance risks.
In 2025, Hannover Re’s Kaith Re Ltd. vehicle issued $103 million of Seaside Re private cat bonds and $24.5 million of LI Re notes.
In 2026, we’ve now reported on $95 million of issuance under the Seaside Re program from Kaith Re, while the structure also issued Hannover Re’s most recent $35 million Cumulus Re cloud outage cyber cat bond deal earlier this year and now issuance under the LI Re program has risen to $11.47 million of notes.
For this latest issuance of a private insurance-linked securities (ILS) arrangement, also termed a cat bond lite, Hannover Re’s Bermuda domiciled reinsurance transformer and segregated account company Kaith Re Ltd., acting on behalf of its segregated account named LI Re, issued one series of notes.
The vehicle has issued $7.47 million of LI Re Series 2026-3 private cat bond notes under this latest offering.
As normal, we make the assumption that this issuance transforms and securitizes an underlying reinsurance or retrocession related contract, with the risks contained in the segregated account.
The LI Re Series 2026-3 notes are scheduled for maturity on July 15th 2027, we understand.
All $7.47 million of LI Re private cat bond notes from this Series 2026-3 issuance are now listed on the Bermuda Stock Exchange (BSX) as Section V – Insurance Related Securities and were privately placed with qualified investors.
Private cat bond issuance has now reached just over $308 million of issuance so far in calendar year 2026.
In 2025 we analysed and tracked $626.51 million of private catastrophe bonds, as our chart shows.
2017 remains the record year for private cat bonds that we have tracked, at just over $1.12 billion of issuance recorded by Artemis.
Read more about every private catastrophe bond we’ve seen in our extensive cat bond Deal Directory.
You can filter our Deal Directory by type of transaction to view only private cat bond deals.
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