Hexagon II Reinsurance DAC

The recently completed issuance of French mutual insurance society Covéa Group’s new €120 million Hexagon II Reinsurance DAC (Series 2019-1) catastrophe bond saw the coverage integrated seamlessly into the carriers broader reinsurance program, the structuring team said today.

French mutual insurance society Covéa Group said today that its successful sponsorship of a new €120 million Hexagon II Reinsurance DAC (Series 2019-1) catastrophe bond transaction has strengthened its access to global capital markets as a source of reinsurance.

French mutual insurance society Covéa Group’s new catastrophe bond, the Hexagon II Reinsurance DAC (Series 2019-1) transaction, will secure the firm €120 million of collateralised reinsurance coverage from the capital markets, having upsized by 20%.

The second catastrophe bond to be sponsored by French mutual insurance society Covéa Group looks set to increase in size, perhaps to as much as €130 million, but at the same time the price guidance has been slashed to the lowest end of the Hexagon II Reinsurance DAC (Series 2019-1) transactions marketed range.

French mutual insurance society Covéa Group is returning to the capital markets to sponsor its second catastrophe bond deal, a €100 million deal that seeks all-natural perils reinsurance coverage for the firm, in a Hexagon II Reinsurance DAC (Series 2019-1) issuance.