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First-time sponsor QBE secured $250mn of quake and storm coverage. -
The broker estimated ILS capital has reached $107bn.
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The UCITS cat bond segment has added 54% in AuM since Hurricane Ian.
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Some $1.2bn of limit was placed in the cat bond market this week.
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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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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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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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The carrier has raised $75mn of higher-risk Class C coverage.
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The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The reinsurance veteran joins from Artex Risk Solutions.
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The company no longer has any exposure to reinsurance contracts.
