Hannover Rück SE Sponsored 3264 Re Ltd. (2024-1) Class A and Class B Notes

Transaction Overview

On June 27, 2024, Hannover Rück SE, a societas Europaea operating and organized under the laws of Germany, sponsored its third 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 per occurrence, weighted Industry Insured Loss Index coverage to Hannover Rück

Class A Notes: Northeast Named Storm Event

  • Expected Loss (WSST): 1.78%
  • Initial Size: $50mm – Final Size: $80mm (60% increase)
  • Initial Price Guidance: 7.00% – 7.75% – Final Pricing: 7.00%

Class B Notes: Gulf Named Storm Event

  • Expected Loss (WSST): 5.22%
  • Initial Size: $50mm – Final Size: $60mm (20% increase)
  • Initial Price Guidance: 17.00% – 18.00% – Final Pricing: 18.00%

Howden Tiger Capital Markets & Advisory Role

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 challenging market conditions