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. The Geneva Papers (2008) 33, 7–11. doi:10.1057/palgrave.gpp.2510166
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