Hannover Re has facilitated another private catastrophe bond arrangement, as its Bermuda-domiciled transformer vehicle Kaith Re Ltd. has issued a $20 million Seaside Re (Series 2026-71) transaction that is exposed to US property catastrophe risks and will provide reinsurance or retrocession for an unknown sponsor.
In 2025, we analysed and tracked almost $127.6 million of issuance from Hannover Re’s Kaith Re Ltd. vehicle, $103 million from Seaside Re issues and $24.5 million from LI Re private cat bonds.
That was out of total private cat bond issuance analysed and tracked in the Artemis Deal Directory of $626.51 million in 2025.
In 2026 so far, we’ve now seen $95 million in Seaside Re issuance from Hannover Re’s Kaith Re vehicle, as well as the recent $35 million Cumulus Re cloud outage cyber cat bond deal which was also issued by the same entity.
In total, we’ve now tracked 68 tranches of Seaside Re private cat bonds over the years, that have been issued by Hannover Re’s Kaith Re vehicle since 2017.
Details of every private catastrophe bond arrangement we’ve tracked can be found by filtering our extensive Deal Directory by type of transaction.
In this case, Hannover Re’s Class 3 Bermuda-based insurer and segregated accounts vehicle Kaith Re Ltd. has issued a $20 million Seaside Re (Series 2026-71) private catastrophe bond, or cat bond lite, transaction.
The $20 million tranche of Seaside Re (Series 2026-71) are believed to be exposed to U.S. property catastrophe risks, as every deal under the Seaside Re name has been. These notes are now listed on the Bermuda Stock Exchange (BSX) and have a due date of March 1st 2027.
As with all private cat bond issuance we track, the proceeds from the sale of this tranche of notes that have been privately placed with cat bond investors will be used to fund the collateral requirements to support an underlying reinsurance or retrocession agreement, for whichever ceding re/insurer is the ultimate beneficiary of the protection.
These cat bond lite deals tend to represent one of a number of use-cases. Either, investor or ILS fund participation in a reinsurance or retrocession tower, a one-year or sometimes shorter collateralized reinsurance or industry loss warranty (ILW) transaction entered into around the reinsurance renewals, or another private arrangement transformed to be matched with capital market investor or fund appetite.
They can also provide investors with securitized access to other retrocessional risks ceded by Hannover Re we understand, in certain cases.
Private cat bond issuance in 2026 has now reached $230 million of issuance in the first-quarter of the year so far.
In 2025 we analysed and tracked $626.51 million of private catastrophe bonds, as our chart shows.
2017 remains the record year for private cat bonds that we have tracked, at just over $1.12 billion of issuance recorded by Artemis.
Read more about these first private catastrophe bonds of 2026 in our extensive cat bond Deal Directory.
You can filter our Deal Directory by type of transaction to view only private cat bond deals.
