The Hartford Financial Services Group Inc. has acquired $247.5
million of multi-year, collateralized catastrophe reinsurance from Foundation Re Ltd., a Cayman Island reinsurance company.
The new reinsurance coverage is designed to complement The Hartford’s existing reinsurance and state-specific insurance programs to enhance its ability to manage risk related to large natural catastrophes.
The new reinsurance consists of two separate coverages. One coverage provides $180 million of reinsurance for losses from U.S. Northeast and Gulf Coast hurricane events. The other coverage provides $67.5 million of reinsurance for losses resulting from certain U.S. earthquakes or hurricanes in the year following the occurrence of a major U.S. earthquake or hurricane event.
On Nov. 17, Foundation Re financed the reinsurance coverage through
the issuance of risk-linked securities pursuant to Rule 144A under the
Securities Act of 1933.
Goldman, Sachs & Co acted as lead manager for the transaction, and BNP Paribas served as co-manager. MMC Securities Corp. acted as advisor to The Hartford.
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