Hannover Re's Kaith Re issues ninth private cat bond of 2026 in $14.94M Seaside Re deal

What's the deal? Hannover ReDealroom has a profile for this one. Try Dealroom →'s Bermuda-based transformer vehicle Kaith Re Ltd. has returned to the private catastrophe bond market with a $14.94 million Seaside Re deal. According to Artemis, the Series 2026-61 notes are expected to cover US property catastrophe risk and support reinsurance or retrocession protection for an undisclosed sponsor.

Why now? The notes are due on July 15, 2027, a short-dated structure aligned with the mid-year reinsurance cycle. As with other private cat bond transactions, the proceeds collateralise the underlying risk transfer rather than fund a public securities offering.

What's the endgame? Kaith Re has been a steady conduit for Hannover Re's private cat bond activity for years. Artemis said the vehicle has now issued 69 Seaside Re tranches since 2017. This latest deal is the ninth Seaside Re issuance of 2026 alone.

What else? The transaction follows other Seaside Re deals this year, including a $20 million issue and a $75 million multi-series placement, both tied to US property catastrophe exposure. Hannover Re has also used Kaith Re beyond property catastrophe, with a $35 million Cumulus Re cyber cat bond and separate LI Re transactions.

The signal: The private cat bond market remains notably smaller than the public space, but it continues to produce meaningful volume for investors seeking collateralised reinsurance risk. Artemis reported private issuance across all issuers has reached $323.32 million this year, against $626.51 million in 2025 and a record of just over $1.12 billion in 2017.

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