Mangrove Risk Solutions lists $20m cat bond

Mangrove Risk Solutions Bermuda has listed $20 million worth of one-year zero coupon notes on the Bermuda Stock Exchange.

Mangrove Risk Solutions was previously named Isosceles Insurance and is operated by Marsh McLennan and reinsurance broker Guy Carpenter.

The private placement is on behalf of a segregated account 2024-D, with the notes sold to provide an investment for the collateral that underpins a reinsurance or retrocession agreement.