Risk management - Hannover Re completes groundbreaking securitisation

Hannover Re has conjured away 25% of the credit risk from its reinsurance recoverables portfolio with its pioneering EUR1 billion Merlin synthetic collateralised debt obligation (CDO) - the first time an insurer has used securitisation to transfer this form of risk from its balance sheet.

The Merlin CDO was structured by Societe Generale Corporate & Investment Banking (SG CIB) and will protect Hannover Re if the reinsurance companies that are providing it with retrocession are unable to pay in

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