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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025. -
Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
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Most of the industry losses occurred in Austria, the Czech Republic and Poland.
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The bodies said that tapping into the cat bond markets was a possibility.
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The company no longer has any exposure to reinsurance contracts.
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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 firm said it benefited from favourable retro market conditions.
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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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Magnani has served for more than 14 years in ILS broking roles.
