Private cat bond news

Global reinsurance firm Hannover Re has successfully assisted a client by facilitating the issuance of two new Seaside Re private catastrophe bonds through its Kaith Re Ltd. Bermuda domiciled segregated accounts vehicle, bringing $27 million of U.S. property catastrophe risks to ILS investors.

The aggregate buffering layer and retention sitting beneath the convective storm coverage of Cincinnati Financial Corporation’s $180 million Skyline Re Ltd. (Series 2017-1) catastrophe bond had been 32% eroded due to qualifying catastrophe losses by the end of the third-quarter of this year.

The $50 million Seaside Re 2017-3 private catastrophe bond transaction, that was issued by German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd. on behalf of a client, has had its maturity date extended again as uncertainty over the impact of 2017 losses continues.

Zurich headquartered insurance and reinsurance linked investment fund manager Twelve Capital Management has completed its fifth private catastrophe bond transaction of the year, with an $18.322 million Dodeka XVII transaction that listed in Bermuda yesterday.

There has been a further extension to the maturity date for the $50 million Seaside Re 2017-3 transaction, a private catastrophe bond issued by German reinsurance firm Hannover Re’s segregated accounts vehicle, Kaith Re Ltd., suggesting it remains at-risk of losses from the 2017 hurricanes and catastrophes.

Twelve Capital Management, the Zurich headquartered insurance and reinsurance linked investment fund manager has completed the issuance of its eighteenth private catastrophe bond transaction, with a $9.603 million Dodeka XVI deal.

Regular catastrophe bond sponsor Southern Oak Insurance Company has returned to the capital markets with a $45.26 million Oak Leaf Re Ltd. (Series 2018-1) transaction, the insurers eighth visit to the cat bond market with the assistance of the Jardine Lloyd Thompson Capital Markets (JLTCM) team.

Another Dodeka private catastrophe bond transaction has been completed by Twelve Capital Management, the Zurich headquartered insurance and reinsurance linked investment fund manager, with a $9.269 million Dodeka XV placed, becoming the seventeenth such ILS deal from the manager to-date.

Resilience Re Ltd., the private catastrophe bond issuance platform owned and operated by insurance and reinsurance broker Willis Towers Watson, has completed another new issuance, with the placement of a $37 million Resilience Re Ltd. (Series 1861A) transaction.

Australia and New Zealand homeowner and motor insurer Youi is returning to the capital markets for the fourth year in succession, as it seeks a 2018 renewal for its now regular collateralized reinsurance note placement, again with the help of Rewire Holdings and Horseshoe Re, we understand.