Hannover Re’s Bermuda-domiciled transformer vehicle Kaith Re Ltd.has issued $75 million of Seaside Re private catastrophe bond notes across seven numbered series, with all exposed to US property catastrophe risks, providing reinsurance or retrocession for an unknown sponsor or sponsors.These are the first privately placed catastrophe bonds we’ve seen so far in 2026 and Hannover Re is again facilitating their issuance.The global reinsurance company has continued to become an ever-more important facilitator in the insurance-linked securities (ILS) marketplace, with private cat bonds just one way it helps clients access capacity from the capital markets and investors to access securitized sources of typically catastrophe reinsurance risks.

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 .

In total, we’ve now tracked 67 tranches of Seaside Re private cat bonds that have been issued by Hannover Re’s Kaith Re vehicle since 2017.Details of every private catastrophe bond arrangement we’ve tracked .Kicking off private cat bond issuance for 2026, $75 million of notes have been issued across seven numbered series issued by Hannover Re’s Class 3 Bermuda-based insurer and segregated accounts vehicle Kaith Re Ltd.

All seven have been issued using the Seaside Re segregated account of Kaith Re and they are all exposed to U.S.property catastrophe risks, while each has the same due date of January 15th 2027.Presumably, each represents a slice of reinsurance or retrocession program renewals from January 2026, while having a roughly one-year term.

The $75 million of Seaside Re notes issued by Kaith Re Ltd.are split as follows, across the seven numbered series.As with every private cat bond issuance, the proceeds from the sale of each tranche of notes that have been privately placed with cat bond investors is expected to fund 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.

In 2025 .2017 remains the record year for private cat bonds that we have tracked, at just .Read more about these first private catastrophe bonds of 2026 in our extensive cat bond .

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