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Report: Hannover Re sponsoring $100M cat bond

Hannover Re is looking for $100 million or more of retrocession through an international multi-peril 3264 Re Ltd. (Series 2020-1) catastrophe bond, Artemis reported.

Bermuda-based special purpose insurance vehicle 3264 Re Ltd. will offer a single tranche of class A notes, currently sized at $100 million, to investors. The securities have a coupon price guidance of 10% to 10.75%, an initial attachment probability of 5.46% and an initial expected loss of 4.04% at the base scenario, the report added.

The notes will provide protection against certain losses caused by U.S. named storms, U.S. and Canada earthquakes, and European windstorms, through January 2023. The transaction will have industry loss triggers.

GC Securities is the sole structuring agent and book runner for the transaction.

Separately, the German reinsurer facilitated another nearly $75 million in private catastrophe bonds through its Bermuda-domiciled segregated accounts vehicle, Kaith Re Ltd., Artemis reported.

The notes were issued in seven tranches as part of the Seaside Re bond program, with issuances comprising about $3.8 million, $10 million, $5 million, $30 million, $7.5 million, $12.5 million and about $5.8 million. This brings Seaside Re's issuances for the January renewal period to $151.5 million.