Hannover Re vehicle Kaith Re issues $14.94m Seaside Re private cat bond

Hannover Re’s Bermuda-domiciled transformer vehicle Kaith Re Ltd. has issued another private catastrophe bond under its Seaside Re program, with a $14.94 million Seaside Re (Series 2026-61) deal that we expect will be exposed to US property catastrophe risks and provide reinsurance or retrocession for an unknown sponsor.

Class 3 Bermuda-based insurer and segregated accounts vehicle Kaith Re Ltd., the structure owned by global reinsurance company Hannover Re, issued the $14.94 million Seaside Re (Series 2026-61) private catastrophe bond, or cat bond lite, transaction.

The firm’s Class 3 Bermuda-based insurer, reinsurance transformer and segregated accounts vehicle Kaith Re Ltd. has issued many of the private cat bonds we’ve tracked over the years, under both the Seaside Re and Li Re segregated accounts and series of private cat bond deals.

This $14.94 million Seaside Re 2026-61 issuance is the ninth issuance under the Seaside Re segregated account program of private catastrophe bonds to come to market in 2026 so far.

This new issuance saw a $14.94 million tranche of notes offered under a Seaside Re (Series 2026-61) arrangement.

We believe these notes are likely to be exposed to U.S. property catastrophe risks, as every deal under the Seaside Re name has been so far.

The Seaside Re Series 2026-61 private cat bond notes have a due date of July 15th 2027, which might suggest they feature the securitization of a one-year arrangement from around the mid-year reinsurance renewals.

As with all private cat bond issuance we track, the proceeds from the sale of this tranche of notes that have been privately placed with cat bond investors will be used to fund the collateral requirements to support an underlying reinsurance or retrocession agreement, for whichever ceding re/insurer is the ultimate beneficiary of the protection.

These cat bond lite deals typically represent investor or ILS fund participation in a reinsurance or retrocession tower, a one-year or sometimes shorter collateralized reinsurance or industry loss warranty (ILW) transaction entered into around the reinsurance renewals, or another private arrangement transformed to be matched with capital market investor appetite. They can also provide investors with securitized access to other retrocessional risks ceded by Hannover Re, in certain cases.

Hannover Re continues to play a role as one of the most important facilitators 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, we analysed and tracked almost $127.6 million of issuance from Hannover Re’s Kaith Re Ltd. vehicle, $103 million through Seaside Re issues and $24.5 million through LI Re private cat bonds.

That was out of total private cat bond issuance analysed and tracked in the Artemis Deal Directory of $626.51 million in 2025.

In 2026 so far, we’ve now seen almost $110 million of Seaside Re private cat bonds and $11.47 million of LI Re deals from Hannover Re’s Kaith Re vehicle, in addition to its $35 million Cumulus Re cloud outage cyber cat bond deal which was also issued by the same entity.

In total, we’ve now tracked 69 tranches of Seaside Re private cat bonds over the years, that have been issued by Hannover Re’s Kaith Re vehicle since 2017.

Private cat bond issuance across all issuers in 2026 has now reached $323.32 million so far this year.

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 these first private catastrophe bonds of 2026 in our extensive cat bond Deal Directory.

You can filter our Deal Directory by type of transaction to view only private cat bond deals.