Hannover Re launches insurance CDO

Germany-based Hannover Re, the world's third-largest reinsurance group, is to offload up to EUR155 million of credit risk linked to its business with fellow insurance and reinsurance companies in the first transaction of its kind.

The Merlin CDO I transaction is currently being marketed, but once complete will give investors exposure to the defaults of a synthetic portfolio of 100 names in the sector through four tranches of notes totalling EUR95 million. Standard & Poor's has provisionally rated

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