The bond will provide coverage from January 2025 to December 2027. Credit: Tobias Arhelger/Shutterstock.

Talanx Group has entered the catastrophe bond market with $100m cover for earthquake risks in Chile.  

The cat bond was issued through Bermuda-based special purpose insurer Maschpark Re, in collaboration with Talanx’s subsidiary Hannover Re. 

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It will provide coverage for January 2025 to December 2027.  

The bond offers parametric cover, with the payout to Talanx to be based on the magnitude of an earthquake. 

The move was facilitated by Aon Securities and GC Securities, a division of MMC Securities.  

Talanx AG CFO Jan Wicke said: “We are a global insurance group enjoying ongoing growth and hence have an increased need for reinsurance protection. We are augmenting our protection for earthquake risks in Chile due to our strong market position there.  

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“Our cat bond transfers the risk to the capital markets, diversifying our traditional reinsurance programmes. We are delighted to be assisted in this by Hannover Re – a strong Group partner with in-depth know-how and many years’ expertise on the ILS [insurance-linked securities] and cat bond market.”  

Hannover Re property & casualty reinsurance executive board member Silke Sehm added: “Since placing the world’s first risk securitisation 30 years ago, Hannover Re has amassed in-depth expertise in transferring insurance risk to the capital markets, and has successfully helped numerous customers from a very wide range of sectors.”  

“We are now an ILS market leader, supporting both existing partners and new customers. We are delighted to have also provided leading-edge assistance to Talanx during its debut.”