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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025. -
Initial spread guidance for the three-year bond is set at 425-500bps.
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The firm will also act as sub-adviser to the Brookmont ETF cat bond fund.
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The executive will play a key role in capital arrangements for Acrisure’s suite of underwriting units.
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The storms struck Victoria, New South Wales and Queensland.
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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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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The bodies said that tapping into the cat bond markets was a possibility.
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The company no longer has any exposure to reinsurance contracts.
