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Mapfre Re targets $125mn with second Recoletos Re cat bond issuance
The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils.
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The vehicle will now cover an E&S program jointly launched with Accredited. -
Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
Opinion
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Featured
Cat bond market sparks into life as $1bn of new limit enters
One William Street priced its debut cat bond 13% below the midpoint of guidance.
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Analysis
Analysis
The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
Some experienced investors are pivoting out of cat bonds and into the top layers of private ILS deals.
So far this year, there have been 11 first-time sponsors to place a deal.
Spreads on USAA’s latest deal priced below comparative issuances in 2023-2024.
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