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The carrier has raised $75mn of higher-risk Class C coverage. -
The bond offers a higher multiple than a similar Fuchsia Re deal placed last year.
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The bodies said that tapping into the cat bond markets was a possibility.
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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 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.
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The pricing multiple on the deal is 12.1x the sensitivity case expected loss.
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The single Class A note is paying a multiple of 2.1x.
