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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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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.
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Everest is in the process of transforming its ILS offering.
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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.
