Mapfre Re, the worldwide reinsurance firm headquartered in Spain, has mentioned it’s “very happy” with securing its debut disaster bond, the Recoletos Re DAC (Series 2024-1) issuance, saying that the deal was positively obtained by the capital markets.
As we’ve been reporting, Mapfre Re ventured into the catastrophe bond market for the first time in late November this year, with an preliminary goal to safe $100 million of retrocession from its debut cat bond deal.
Given the very robust execution being seen within the cat bond market at the moment, with virtually each deal rising in measurement and pricing down, Mapfre Re has benefited from market circumstances.
The corporate increased the target size of this Recoletos Re cat bond to $125 million, whereas on the similar time the notes had been priced under the preliminary steerage.
“We’re very happy with this new safety as a result of it permits us to develop our enterprise in america and diversify our sources of reinsurance, which strengthens our place within the world market,” Miguel Rosa, CEO of MAPFRE RE defined.
The corporate famous that the transaction supplies it with retrocessional reinsurance safety towards named storms and hurricanes in america, on an industry-loss set off and annual combination foundation.
The protection runs for 3 years for the reinsurer, till the top of calendar 12 months 2027.
Mapfre Re mentioned, “The capital markets obtained this inaugural operation very positively,” noting that investor demand helped the issuance to upsize.
You possibly can learn all about this new Recoletos Re DAC (Series 2024-1) disaster bond and look at particulars on virtually each different cat bond ever issued in our in depth Artemis Deal Directory.
