The Geneva Papers (2008) 33, 7–11. doi:10.1057/palgrave.gpp.2510166
Securitization and Insurance – Characteristics of Hannover Re's Approach
Wilhelm Zellera
aHannover Re, Karl-Wiechert-Allee 50, Hannover 30625, Germany. E-mail: wilhelm.zeller@hannover-re.com
Abstract
Beginning with the first-ever (re)insurance risk securitization, Hannover Re's KOVER transaction back in 1994, the history of using capital market instruments for reinsurance risks at Hannover Re is shown in detail. This includes several non-life and life transactions as well as a more recent cover for the credit risk from reinsurance recoverables. Rationales and challenges for the altogether 15 capital market transactions are discussed very openly and an indication of a "promising future" is given.
Keywords:
securitization, insurance-linked securities, risk mitigation, catastrophe bonds, reinsurance, capital management
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