Spanish reinsurer Mapfre RE has sponsored its first disaster bond, which is designed to guard the corporate towards catastrophic occasions comparable to tropical storms and hurricanes within the US.
Disaster bonds are monetary devices that provide collateralised reinsurance alternate options, permitting insurers and reinsurers to handle their dangers successfully.
The bond was issued via the particular objective car Recoletos Re DAC, with a three-year safety from January 2025 to December 2027.
The Recoletos Re DAC bond, Collection 2024-1, was initially set at $100m however was upsized to $125m because of investor demand.
The bond’s placement was facilitated by AON Securities, which acted because the structuring agent, and GC Securities, which assisted within the placement.
The constructive reception from buyers led to not solely a rise within the bond’s measurement but additionally decreased pricing, highlighting the robust urge for food for such monetary devices.
Entry essentially the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain e-mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
useful
determination for your corporation, so we provide a free pattern you could obtain by
submitting the beneath kind
By GlobalData
MAPFRE RE CEO Miguel Rosa stated: “We’re very glad with this new safety as a result of it allows us to develop our enterprise within the US and diversify our sources of reinsurance, which strengthens our place within the world market.”
In July, MAPFRE RE obtained approval from the Nationwide Monetary Regulatory Administration of the Folks’s Republic of China to open a brand new department in Beijing, increasing its China market presence.
MAPFRE gives a variety of insurance coverage programmes together with life, well being, accident, property and casualty safety.
Reinsurance unit MAPFRE RE caters to each MAPFRE and different insurers globally, with a presence in additional than 100 nations and 19 workplaces.
MAPFRE’s asset administration division, MAPFRE AM, oversees the group’s and its shoppers’ investments, adhering to the ideas of socially accountable funding.
