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Hannover Re grows retrocession protections by 56% at January renewals

During a January 1st renewal season the reinsurer describes as a very challenging market environment for all participants, Hannover Re secured an increase in natural catastrophe retrocession, including the expansion of its capital markets backed K-Cessions quota share sidecar facility of almost 85% to $831 million, the biggest it’s ever been.

An announcement from the firm today around its experience at the January 1st, 2023, reinsurance renewals, reveals that all but one of Hannover Re’s main retrocession protections are larger for 2023, which follows consecutive years of the German reinsurer shrinking its retro program at 1/1.

After contracting the size of its K-Cessions quota share retro reinsurance sidecar facility at the 2021 renewals by 10% to $610 million, the company reduced the size of this sidecar by a further 26% at the 2022 renewals to $450 million.


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