Hexagon Reinsurance DAC

The succesful execution and placement of French mutual insurance society Covéa Group’s first catastrophe bond, the €90 million Hexagon Reinsurance DAC (Series 2017-1), demonstrates that it is possible to issue transactions covering lower attachment points for European perils.

French mutual insurance society Covéa Group has successfully sponsored its first catastrophe bond, the €90 million Hexagon Reinsurance DAC (Series 2017-1) transaction and this morning hailed it as the first to be exposed to French windstorm risks on an indemnity and aggregate basis.

The coupon spread for the €90 million Hexagon Reinsurance DAC (Series 2017-1) catastrophe bond issuance, sponsored by French mutual insurance society Covéa Group, has now been fixed at the bottom end of the already reduced price guidance range, according to sources.

Providing a useful indicator of the appetite of insurance-linked securities (ILS) and catastrophe bond investors, the €90 million Hexagon Reinsurance DAC (Series 2017-1) catastrophe bond issuance, sponsored by French mutual insurance society Covéa Group, has seen its pricing drop to below the initial guidance range.

A European windstorm catastrophe bond has been launched to the market in the form of a Hexagon Reinsurance DAC (Series 2017-1) issuance, a €90 million transaction which will be the first time that French mutual insurance society Covéa Group has tapped the cat bond market as a source of collateralized reinsurance.