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The Class A and C notes increased in size, while the Class B note remained unchanged. -
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 carrier has used Lloyd’s London Bridge 2 structure for the launch.
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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 Swiss-based team of Siglo has transferred to Cambridge Associates.
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The top quartile, which includes Nephila 2357, were set to shrink overall.
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The firm has added three new retro partners during 2024.
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The bond will provide multi-peril coverage in the US and District of Columbia.
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The former co-head of ILS at Schroders left the bank last month.
