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Hannover Re's Kaith Re issues $60M of private catastrophe bonds

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Hannover Re's Kaith Re issues $60M of private catastrophe bonds

Hannover Re facilitated another $60 million in private catastrophe bonds through its Bermuda-domiciled segregated accounts vehicle, Kaith Re Ltd., Artemis reported.

The notes were issued in four tranches as part of the Seaside Re bond program. The $60 million issuance consists of a $10 million tranche of Seaside Re series 2019-11 notes, a $10 million tranche of Seaside Re series 2019-12 notes, a $30 million tranche of Seaside Re series 2019-31 notes and a $10 million tranche of Seaside Re series 2019-41 notes.

All four series of notes are due Jan. 15, 2020. The Seaside Re bond program offers insurance-linked securities investors with access to U.S. property catastrophe risks in catastrophe bond lite form, according to the report.