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Mapfre Re CEO Miguel Rosa was “very satisfied” with the debut cat bond deal. -
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.
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The Class A and Class B notes are paying lower multiples than initially guided.
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Beazley returned with its second Fuchsia cat bond issuance.
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The bond will provide coverage for named storm across five US states.
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Former ILS investors who left the space have looked again and re-allocated.
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The ILS manager’s existing Medici cat bond strategy stood at $1.68bn in assets under management (AuM) as of 30 September.
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