Hannover in highly leveraged Florida Cat sidecar deal
Hannover Re has sponsored Globe Re, a 1-year sidecar to write a portfolio of US property Cat retrocession. Globe Re will be highly leveraged, capitalised with only $33m of equity and $100m of debt securities.
In a press release Moody's said that the maximum limit of liability to Globe Re on any one contract is limited to $60 million or less (warranted in the documentation) to mitigate ‘lumpy’ exposures and
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