Hannover securitizes its retro risk.(International News)(Hannover Re )(Brief article) From: Business Insurance | Date: March 5, 2007| Author: | COPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Byline: JUDY GREENWALD

HANNOVER, Germany-Hannover Re Group is securitizing e1 billion ($1.31 billion) of its reinsurance recoverable risks in an attempt to reduce its default risk.

The transaction represents the first time a so-called fully secured, synthetic collateralized debt obligation structure has been applied to a portfolio of credit risks associated with insurers and reinsurers, according to the reinsurer. Hannover worked with Paris-based corporate investment bank Societe Generale in structuring the deal.

Under the structure, Hannover Re's credit risk from its ...

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