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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025. -
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 company no longer has any exposure to reinsurance contracts.
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The Class A and C notes increased in size, while the Class B note remained unchanged.
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MMIFS Re is the debut cat bond offering from the Canadian carrier.
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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal.
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Overall, reinsurers accepted that rate cuts were still leaving them with strong margins.
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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The firm said it benefited from favourable retro market conditions.
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The reinsurer said investors were interested in expanding after benefiting from good results.
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The bond will provide multi-peril coverage in the US and District of Columbia.
