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Hannover Re prices upsized $200m North America retro cat bond
The 60% upsized issuance adds an additional $200 million of North American peak peril retrocessional protection from 3264 Re Ltd., with both tranches pricing below guidance.
Hannover Re has priced an upsized catastrophe bond sponsorship, securing an additional $200 million of North American peak peril retrocessional reinsurance from 3264 Re Ltd. (Series 2026-1), according to Artemis.
Artemis reports the deal was upsized 60% from an initial $125 million target after Hannover Re returned to the cat bond market in late June. Artemis adds that both tranches of the notes priced below guidance.
The German-headquartered global reinsurer is building out retro protection through capital markets and will now make the Series 2026-1 cat bond the seventh sponsorship under its 3264 Re Ltd. retrocession program, Artemis said.
Artemis also notes that Hannover Re has tapped the catastrophe bond market multiple times in 2025, including $200 million of worldwide peak peril retro through 3264 Re 2025-1, $150 million of US and Canadian cover via 3264 Re 2025-2, and $250 million of North American peak peril retrocession through 3264 Re Ltd. (Series 2025-3). In early 2026, it expanded cyber cat bond coverage with a $35 million renewal of its parametric cloud outage cyber catastrophe bond through Cumulus Re (Series 2026-1).