Mangrove Property Insurance has obtained $111 million in named storm reinsurance protection through its inaugural Buttonwood Re Ltd. (Series 2026-1) catastrophe bond. The transaction saw all four tranches of notes priced at the lower end of initial guidance.
Mangrove Property Insurance has successfully completed its first catastrophe bond issuance, raising a total of $111 million in reinsurance protection. This funding is specifically designated for named storm events. The bond, known as Buttonwood Re Ltd. (Series 2026-1), marks a significant milestone for the company as it enters the reinsurance market.
The issuance included four tranches of notes, all of which were priced at the bottom ends of the initial guidance or lower. This pricing strategy indicates strong market interest and favorable conditions for Mangrove Property Insurance as it seeks to enhance its reinsurance capacity for homeowners’ insurance products.
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Based on reporting by Artemis. All facts sourced from the original article.