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Aetna, Inigo and GeoVera were the three sponsors seeking lower multiples.
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The index’s performance in November was stronger than the prior year, although YTD returns are behind 2023.
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The deal is split into two tranches compared with the single note issued last year.
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Spread guidance anticipates a lower multiple compared to 2024’s Vitality Re issuance.
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The broker anticipates strengthening investor demand for collateralised re.
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The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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The Swiss-based team of Siglo has transferred to Cambridge Associates.
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The ILS manager will “pragmatically accept” a degree of credit risk in deals.