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Russia-Ukraine aviation losses at WTC+ level may impact retro & sidecars

It's becoming increasingly clear that losses to the aviation class of insurance and reinsurance business caused by the Russia - Ukraine conflict have the potential to impact retrocessional covers and perhaps some third-party capitalised sidecars. The potential for some specialty lines insurance and reinsurance market exposure to the fallout of Russia's read the full article →

Hannover Re’s K-Cessions sidecar could have Ukraine exposure

Global reinsurance company Hannover Re could find some support from its capital markets backed K-Cessions quota share sidecar facility for certain non-war specialty lines exposures to the ongoing conflict in Ukraine. Speaking during a briefing today, Sven Althoff, a member of Hannover Re’s executive board focused on property and casualty reinsurance, read the full article →

Hannover Re shrinks K-Cessions sidecar & retro at “challenging” renewal

Hannover Re faced more challenging market conditions when placing the renewal of its retrocession program at 1/1, resulting in a shrinking of protection, with its capital markets backed K-Cessions quota share sidecar facility declining 26% to around $450 million. Almost all of Hannover Re's core retrocession protections are smaller for 2022, read the full article →

Hannover Re’s comprehensive retro drives investor confidence: Berenberg

Reinsurance as a sector and the major global reinsurers have suffered due to elevated catastrophe losses in recent years, but analysts at investment bank Berenberg believe that Hannover Re's comprehensive retrocession program is giving investors confidence and helped to buoy its share price in 2021. Of the big four European reinsurance read the full article →

Hannover Re cedes up to 32% of cats, 24% of COVID losses to retro in 2020

German reinsurance giant Hannover Re benefited from its retrocessional protections throughout 2020, potentially ceding almost one-third of natural catastrophe losses and 24% of its losses from the COVID-19 pandemic. The reinsurer reported its full-year 2020 results this morning, revealing that large losses came in well above budget for its P&C reinsurance read the full article →

Hannover Re shrinks K-Cessions to $610m in “successful” retro renewal

German reinsurance firm Hannover Re has downsized its capital markets backed K-Cessions quota share retro reinsurance sidecar facility to $610 million for 2021, a roughly 10% decrease from the prior year. At the same time the company expanded its aggregate and whole account excess of loss retrocession protections, but not enough read the full article →

Hannover Re’s “pivotal” retro program praised by AM Best

Global reinsurance firm Hannover Re had its ratings affirmed by AM Best yesterday and the agency cited the companies retrocession program as "pivotal" to its success. As we explained recently, Hannover Re has become a significant user of capital markets and insurance-linked securities (ILS) investor appetite for reinsurance related returns within read the full article →

Hannover Re’s catastrophe retro program dominated by capital markets

Global reinsurance firm Hannover Re has the capital markets at the heart of its core catastrophe retrocession program, with investors supporting some 80% of its aggregate retro and 78% of its Cat XL coverage through K-Cessions. On the whole account side, the capital markets and insurance-linked securities (ILS) investors are a read the full article →

Collateral held in trust for ILS transactions rises 11% for Hannover Re

Global reinsurance firm Hannover Re has been quietly expanding its activities in the insurance-linked securities (ILS) space for some time, as a key facilitators for collateralised transactions and acting as a front for certain ILS funds and investors. Every so often, more details emerge on the growth of this side of read the full article →

Hannover Re to cede more Covid-19 losses to sidecar investors: Althoff

German reinsurance firm Hannover Re expects that as its losses from the Covid-19 pandemic convert from IBNR reserves to reported claims, a proportion of these will be ceded to third-party investors in its K-Cessions sidecar vehicle. Earlier this year we explained that Hannover Re increased the size of its capital market read the full article →