FANews
FANews
RELATED CATEGORIES

Hannover Re completes new ILS transactions

03 June 2015 Hannover Re

Hannover Re has completed two new transactions as part of its insurance-linked securities (ILS) activities. The company has transferred storm risks for the US-based Massachusetts Property Insurance Underwriting Association (MPIUA) and Texas Windstorm Insurance Association (TWIA) to the capital markets.

The amount of capital made available by institutional investors is USD 300 million in the case of MPIUA and USD 700 million for TWIA; this is the largest catastrophe bond issued to date in 2015. GC Securities, a division of MMC Securities Corp., served as sole structurer and bookrunner.

"We are delighted that in coordination with our partners we have again successfully transferred insurance risks to the capital markets; this underscores Hannover Re's long-standing expertise in the field of alternative risk transfer. In so doing, we are able to support our clients while at the same time generating low-risk and stable margins for our company", Chief Executive Officer Ulrich Wallin noted. Hannover Re had already transferred storm risks to the capital markets for TWIA in the previous year.

Since the placement of the world's first risk securitisation by Hannover Re in 1994 the company has realised numerous innovative transactions in both property & casualty and life & health reinsurance.

Quick Polls

QUESTION

What is your one-liner for the 2024 National Budget speech?

ANSWER

Creepy failure to adjust income tax, medical tax credits
Overall happy, it should support economic growth
Overall unhappy, soaring public sector wages and broken SOEs suck..
There are too few taxpayers, too many grant recipients.
fanews magazine
FAnews February 2024 Get the latest issue of FAnews

This month's headlines

On the insurance industry’s radar in 2024
Insurers, risk managers unsure of AI’s judgement credentials
Is offshore the place to be in 2024?
Gap claims: erosion of medical benefits, soaring specialist fees
Investments and retirement… is conventional wisdom under threat?
Subscribe now