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Report: Hannover Re-sponsored cat bond to upsize by 50%

The size of Hannover Re-sponsored international multiperil 3264 Re Ltd. series 2020-1 catastrophe bond is expected to grow by 50% to $150 million from $100 million, Artemis reported.

Newly registered Bermuda special purpose insurance vehicle 3264 Re will launch a single tranche of 2020-1 notes that will have an initial expected loss of 4.04% at the base case. The cat bond will now be offered to investors with a coupon guidance range of 9.75% to 10%, below the initial range of 10% to 10.75%.

The covered perils consist of U.S. named storm risks, U.S. and Canadian earthquake risks, and European windstorm risks, on an industry loss trigger and annual aggregate basis across a three-year term, according to the report.