Kaith Re Ltd., the transformer vehicle owned and operated by global reinsurance firm Hannover Re, has issued a new private catastrophe bond arrangement, with a $19.05 million tranche of notes issued and privately placed with investors, Artemis has learned.With this new Seaside Re 2025-61 deal coming to light, it takes the total volume of private catastrophe bond, or cat bond lite, issuance under the Seaside Re segregated account to $103.05 million for the year so far, the most since 2022 seen from Hannover Re’s Kaith Re vehicle.Last year, just $69 million of Seaside Re deals came to light, but 2025 has seen activity increasing for Hannover Re in this area, with 8 tranches of Seaside Re private cat bond notes now tracked by Artemis this year.In total, we’ve now tracked 60 tranches of Seaside Re private cat bonds that have been issued by Hannover Re’s Kaith Re vehicle since 2017.

Hannover Re has facilitated the issuance of numerous private cat bonds under its LI Re and Seaside Re programs, all issued using Kaith Re in Bermuda.Details of every private catastrophe bond arrangement we’ve tracked .This $19.05 million Seaside Re (Series 2025-61) private catastrophe bond, or cat bond lite, transaction has been issued by Hannover Re’s Class 3 Bermuda-based insurer and segregated accounts vehicle Kaith Re Ltd.

Hannover Re continues to play a role as a key facilitator for ILS market participants and its clients, through the matching of reinsurance risks to capital markets and insurance-linked securities (ILS) investors in a more efficient manner.Hannover Re’s Class 3 Bermuda-based insurer, reinsurance transformer and segregated accounts vehicle Kaith Re Ltd.has issued many of the private cat bonds we’ve tracked over the years, under the Seaside Re and Li Re segregated accounts and series of private cat bond deals.

This latest issuance is of $19.05 million of notes from a Seaside Re (Series 2025-61) tranche, which are exposed to U.S.property catastrophe risks and have a due date of July 15th 2026.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 will 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 typically represent 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 appetite.They can also provide investors with securitized access to other retrocessional risks ceded by Hannover Re, in certain cases.Recall that, just last week we also reported on a new $9.525 million private cat bond, that was also issued by the Kaith Re vehicle.

Adding this new private cat bond to our market data and analytics,  so far this year, according to Artemis’ extensive cat bond market data..Click on the chart below to access an interactive version: Issuance of private catastrophe bonds remains slower than recent years in 2025, but has picked up since the mid-year renewals.

We still don’t see many of these transactions though, so only have data on those where some information has become available to us and assume there are many more that never see the light of day.2017 remains the record year for private cat bonds that we have tracked, at just .Read more about this new private catastrophe bond in our extensive cat bond Deal Directory.

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