Talanx Group has entered the disaster bond market with $100m cowl for earthquake dangers in Chile.
The cat bond was issued by Bermuda-based particular objective insurer Maschpark Re, in collaboration with Talanx’s subsidiary Hannover Re.
It’s going to present protection for January 2025 to December 2027.
The bond gives parametric cowl, with the payout to Talanx to be based mostly on the magnitude of an earthquake.
The transfer was facilitated by Aon Securities and GC Securities, a division of MMC Securities.
Talanx AG CFO Jan Wicke mentioned: “We’re a world insurance coverage group having fun with ongoing progress and therefore have an elevated want for reinsurance safety. We’re augmenting our safety for earthquake dangers in Chile on account of our robust market place there.
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“Our cat bond transfers the danger to the capital markets, diversifying our conventional reinsurance programmes. We’re delighted to be assisted on this by Hannover Re – a robust Group associate with in-depth know-how and a few years’ experience on the ILS [insurance-linked securities] and cat bond market.”
Hannover Re property & casualty reinsurance government board member Silke Sehm added: “Since putting the world’s first danger securitisation 30 years in the past, Hannover Re has amassed in-depth experience in transferring insurance coverage danger to the capital markets, and has efficiently helped quite a few clients from a really big selection of sectors.”
“We are actually an ILS market chief, supporting each current companions and new clients. We’re delighted to have additionally offered modern help to Talanx throughout its debut.”
