Versicherungskammer Bayern Versicherungsanstalt des oeffentlichen Rechts’ (VKB), the German domestic market insurance group, is back in the catastrophe bond market looking to renew coverage from its soon to mature debut deal, by sponsoring a currently €175 million King Max Re II DAC (Series 2026-1) German multi-peril transaction, we have learned.
VKB sponsored its debut cat bond in late 2023, securing an upsized €175 million of multi-peril catastrophe reinsurance protection from the King Max Re DAC 2023 issuance, which became one of only a handful of catastrophe bond transactions ever to solely have a focus on transferring German perils to the capital markets.
That cat bond sponsored in 2023 is scheduled to mature in early January 2027, hence this new offering that has come to light appears to be a renewal of the multi-peril reinsurance coverage for the sponsor.
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