Global reinsurance firm Hannover Re has successfully sponsored a $13.75 million Cumulus Re (Series 2024-1) parametric cloud outage catastrophe bond that was privately issued and placed using the firm’s Kaith Re Ltd. vehicle, with modelling of the cyber risks undertaken by Parametrix.
Hannover Re has been looking at a parametric cloud outage retrocession transaction for a while, eyeing the insurance-linked securities (ILS) market as a source of capacity for this cyber risk transfer deal.
Back in early 2023 we reported that managing general agent and Lloyd’s coverholder Parametrix, a specialist in cloud downtime insurance protection structured on a parametric basis, had been working with Hannover Re.
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