Hannover Rück SE Sponsored 3264 Re Ltd. (2025-1) Class A and Class B Notes

On January 30, 2025, Hannover Rück SE, a societas Europaea operating and organized under the laws of Germany, sponsored its fourth 144A Cat Bond issuance through 3264 Re Ltd. in order to secure collateralized retrocession protection from the capital markets

The Class A Notes and Class B Notes provide annual aggregate, weighted Industry Insured Loss Index coverage to Hannover Rück

Class A Notes

• The Class A Notes offer coverage for Worldwide Events in North America, the Caribbean, Japan, Europe, Turkey, Australia, and New Zealand and include a variety of events such as Named storms, Earthquakes, Severe Thunderstorms, Winter Storms, Windstorms, Typhoons, and Tropical Cyclones
• Expected Loss (WSST): 8.52%
• Initial Size: $75mm – Final Size: $100mm (~33% increase)
• Initial Price Guidance: 20.50% – 21.50% – Final Pricing: 21.25% (within initial guidance)

Class B Notes

• The Class B Notes offer coverage for North American Earthquake Events
• Expected Loss: 0.92%
• Initial Size: $100mm – Final Size: $100mm (at initial guidance)
• Initial Price Guidance: 3.50% – 4.00% – Final Pricing: 3.00% (20% below the midpoint of initial guidance)

Howden Capital Markets & Advisory (“HCMA”) acted as Joint Bookrunner

• Advised in all aspects of placement including:
  • Risk Analysis and Offering Documentation review
  • Investor discussions and marketing efforts
  • Book building process and various distribution activities
  • Navigating Hannover Rück through evolving market conditions