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Hannover Re secures upsized $140m target for 3264 Re cat bond

June 25, 2024

Hannover Re, the German global reinsurance company, has now successfully upsized its latest retro catastrophe bond, securing $140 million of retrocessional cover from the 3264 Re Ltd. (Series 2024-1) issuance.

Hannover Re came back to the catastrophe bond market earlier this month, initially targeting $100 million of named storm and hurricane retrocessional protection for parts of the United States.

This will be the third catastrophe bond the reinsurer has sponsored using this Bermuda special purpose insurance vehicle, 3264 Re Ltd.

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