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First-time sponsor QBE secured $250mn of quake and storm coverage. -
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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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 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 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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Full year 2023 set the record to beat of $15.8bn in new issuance volume.
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The bond will provide multi-peril coverage in the US and District of Columbia.
