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Hannover Re expands use of retrocession sidecar vehicle


German reinsurer Hannover Re S.E. has expanded the use of its retrocession sidecar vehicle, K-Cessions, at the January renewals, Artemis.bm reports. 

The reinsurer said that capacity placed with the vehicle is nearly $600 million. 
It also purchased additional €100 million ($108 million) of catastrophe retrocession protection at the January renewals. 
Hannover Re's structured reinsurance business grew €710 million to €1.78 billion, mainly driven by North America, Europe and Latin America. 
Meanwhile, the reinsurer has increased its profit guidance for the year to more than €1 billion.

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