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The deal provides protection in Europe, after Mapfre Re’s debut bond last year covered US perils. -
Growth included a $240mn increase in partner capital in DaVinci equity plus debt.
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The average weighted spread on the deals was 651bps, skewed upward by cyber and wildfire deals.
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Carriers are grappling with a rush of investor interest in longer-tail lines.
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On a nine month basis, fee income was up nearly 30% to $146mn.
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The reinsurer is the second sponsor opting not to renew cyber coverage in the bond market this year.
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Mt Logan’s Q3 loss ratio improved by 44.2 points to 11.5% for the quarter.
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The ratings agency first indicated it would consider a new methodology in March.
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The single Class A note is offering an initial spread range of 1,050-1,150 to investors.
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The shuttering of Munich Re Ventures reflected a focus on the reinsurer’s “core offering”.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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The carrier attributed the results to a significant fall in major-loss expenditure.
