Parametrix, the leading provider of digital business interruption risk analytics and solutions, announces the structuring, issue, and placement of Cumulus Re II. This second, larger cloud outage catastrophe bond attracted a greater number of investors to provide sponsor Hannover Re with $20 million worth of retrocessional protection for 2025-6 against the accumulation of losses caused by a sustained cloud-outage event. Cumulus Re was not drawn down in its first year. 

The enlarged transaction shows how comprehensive cloud monitoring and loss modeling by Parametrix continues to build confidence in systemic cyber risk assessment. Parametrix has tracked and audited more than 2,600 historical cloud outage events, and has collected more than 260 billion cloud performance and availability data points. This dataset provides a global view into the performance and availability of the three largest  public cloud service providers, Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

To structure and price Cumulus Re, Parametrix leveraged its extensive dataset to model Hannover Re’s underlying risk portfolio. Parametrix Analytics, the company’s dedicated analytics arm, serves as the calculation agent for the bond. This year, bondholders will gain exclusive access to a dedicated dashboard, providing a real-time view of the status of relevant cloud regions, enhancing visibility and confidence in the performance of this emerging risk.

“We have shown again that portfolio accumulation of cloud outage losses is a risk that can be tamed,” said Sharon Haran, Managing Director of Parametrix Analytics. “We are pleased to have worked with Hannover Re to get this second, larger bond over the line, and to have delivered a tool which gives bond buyers a real-time understanding of the digital performance they have covered.” 

Henning Ludolphs, Managing Director, Retrocession and Capital Markets at Hannover Re, said: “It is satisfying to see a successful risk transfer initiative from 2024 transformed into a larger, routine transaction in 2025. I am grateful to Parametrix, whose expertise and technology have made possible this advance in 21st-century technology risk transfer.”  

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About Hannover Re

‍Hannover Re is one of the world’s leading reinsurers. It transacts all lines of property & casualty and life & health reinsurance and is present worldwide with more than 3,500 staff. German business of the Hannover Re Group is written by the subsidiary E+S Rück. Established in 1966, Hannover Re is recognized as a reliable partner for innovative risk solutions, exceptional customer intimacy and financial soundness. The rating agencies most relevant to the insurance industry have awarded both Hannover Re and E+S Rück outstanding financial strength ratings: Standard & Poor’s AA- “Very Strong” and A.M. Best A+ “Superior”.  hannover-re.com 

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About Parametrix

Parametrix is the leading provider of cloud outage analytics and insurance solutions. We specialize in underwriting parametric insurance for system interruption, helping businesses protect against the costly impacts of downtime. Leveraging proprietary technology, we continuously monitor third-party IT services, gathering granular data on service performance and interruptions. This data enables us to assess risk accurately, provide instant insurance quotations, and streamline claims payments, ensuring our clients receive fast, reliable support when they need it most. Parametrix is a Managing General Agent and Lloyd’s Coverholder whose policies are backed by major A-rated global insurers. The company is based out of New York.