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Over-subscriptions have been evident on well-priced US cat treaties. -
The Bermuda based entity is expected to continue on its “responsible growth trajectory”.
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Increased reinsurance capacity was more than sufficient to meet continued growth in global demand.
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The firm has commenced writing collateralised retro and reinsurance but its rated launch is still pending.
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First-time sponsor QBE secured $250mn of quake and storm coverage.
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The broker estimated ILS capital has reached $107bn.
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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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Casualty ILS made inroads, while hurricane hedging strategies came into focus.
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The $600mn fund could allocate up to 10% of assets to cat bonds from 2025.
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Initial spread guidance for the three-year bond is set at 425-500bps.
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Recoletos Re DAC SPI takes its name from the Paseo de Recoletos boulevard in Madrid.
