Some $60.5 million of the Seaside Re private catastrophe bond transactions facilitated by global reinsurance firm Hannover Re have now been allowed to mature, reducing the amount outstanding with their maturity dates extended to $78.25 million and those remaining have had their maturity dates pushed further out to October.
There have been repeated extensions of maturity dates for many of the Seaside Re private catastrophe bond transactions issued prior to this year.
All of these private cat bonds had been issued by German reinsurance firm Hannover Re’s transformer and segregated accounts vehicle based in Bermuda, Kaith Re Ltd.
When we last reported on the situation, there were numerous Seaside Re private cat bonds with vintages from 2020, 2021 and 2022 still with extended maturity dates, while in addition all of the 2023 vintage Seaside Re notes were added to the list.
FULL ORIGINAL PUBLICATION HERE
