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Hannover Re's Kaith Re issues $47M of private cat bonds

Hannover Re's Kaith Re Ltd. segregated accounts vehicle issued $47 million worth of private catastrophe bonds, Artemis.bm reported.

The notes were issued in two tranches as part of the Seaside Re bond program, which was established and listed just over a year ago, according to the report.

The first tranche, Seaside Re (Series 2018-1), for $20 million, was issued in the week of Dec. 18, followed by a $27 million issuance, Seaside Re (Series 2018-3), on Dec. 27, Artemis.bm reported.

Both tranches are due Jan. 15, 2019, according to the report. They cover U.S. property catastrophe risks, Artemis said, adding that no further details were available.

The new notes were listed on the Bermuda Stock Exchange.