Covéa announces a €120 million euro catastrophe bond issue by Hexagon II Re


Covéa has taken out reinsurance protection of €120 million euros with the Irish company Hexagon II Reinsurance DAC, known as “Hexagon II Re”.

In order to achieve this, Hexagon II Re issued a tranche of catastrophe bonds that mature in January 2024, under Rule 144A of the US Securities Act. This issue is intended to cover the French non-life insurance companies within the Covéa group against the risk of storms and other weather events, in particular those affecting metropolitan France from 1 January 2020 onwards.

The cover, which is fully collateralised, works on a per event basis, which means that the cover is triggered when the cost to Covéa of a weather event covered by the cat bond exceeds a specific threshold.

With Hexagon II Re, Covéa strengthens its presence in the catastrophe bond market outside the US.

The Hexagon II Re issue enables us to continue diversifying our reinsurance capacity and consolidate our access to global capital markets within a secure legal and financial framework. We are delighted with the reception this new issue has received among investors, which demonstrates the importance of our commitment to the markets and enables us to benefit from a multi-year cover that is fully collateralised and contributes to the financial protection of the group,” said Pierre Michel, Managing Director for Reinsurance and International Operations at Covéa.


This communication does not constitute an offer to sell or the solicitation of an offer to purchase the securities referred to in a jurisdiction where such an offer or solicitation is unlawful. Transferable securities may not be sold or subscribed to in the United States unless they have been registered within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), or they are subject to an exemption from registration provided for by the Securities Act. A public offering of transferable securities in the United States, or in other countries, may only be carried out on the basis of a prospectus containing detailed information about the issuer, its administrative and management bodies and its accounts. We neither intend to register the offer in whole or in part in the United States nor to carry out a public offering in the United States.

This communication is solely intended for (a) persons outside the United Kingdom, (b) persons in the United Kingdom who have professional experience in matters relating to placements and who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”), (c) persons referred to by Article 49(2) (a) to (d) (companies with high called-up share capital or net assets, unincorporated associations etc.) of the Order or (d) any other person to whom this communication may be addressed in accordance with the law (the persons referred to in paragraphs (a), (b), (c) and (d) together being referred to as “Authorised Persons”). Any investment or investment activity relating to the offering and/or the securities is restricted to Authorised Persons and may only be carried out with Authorised Persons. No person other than an Authorised Person may act upon or place reliance upon this communication and the information it contains.

Covéa announces a €120 million euro catastrophe bond issue by Hexagon II Re (French version)

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