Hannover Re announced today that it has transferred the EUR1 billion of reinsurance recoverable risks, or roughly $1.3 billion, to the capital markets.
Reinsurance recoverables, which are essentially the outstanding claims held by insurers against their reinsurers–or in this case, by reinsurer Hannover Re against its retrocessionaires–have been a substantial item on Hannover Re's balance sheet for many years.
In the early years of the decade, in fact, the reinsurer suffered ratings downgrades at the hands of rating agencies Moody's and Standard & Poor's because of the high levels of recoverables the company held in relation to its competitors and to its shareholders' equity.
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