Mapfre Re, the Spanish global reinsurance company, is back in the catastrophe bond market to sponsor its third deal, seeking $200 million or more in US named storm protection from a Recoletos Re DAC (Series 2026-1) issuance, Artemis can report.
In December 2024, the company secured $125 million of annual aggregate US named storm retrocession from the capital markets with its debut Recoletos Re DAC (Series 2024-1) catastrophe bond.
Mapfre Re then returned in November 2025, securing €125 million of European windstorm protection from the Recoletos Re DAC (Series 2025-1), its second cat bond sponsorship.
Both of its first two cat bonds were industry-loss index trigger deals, as is most typical of a reinsurer seeking retrocession.
Now, we’ve learned that the reinsurer is back and this time seeking US named storm protection on an indemnity trigger and per-occurrence basis, which is less typical for a reinsurance company.
However, we’re told Mapfre Re’s latest cat bond will, via the reinsurer, also afford its protection to a number of Mapfre group entities, including insurers. Meaning a retrocessional indemnity agreement is perhaps more appropriate than industry-loss in this case.
You can read about all of Mapfre Re’s catastrophe bonds in our Deal Directory.
As with the first two cat bonds, Mapfre Re is again using its Ireland-based issuance vehicle Recoletos Re DAC for its third catastrophe bond sponsorship.
Recoletos Re DAC is targeting issuance of a single tranche of Series 2026-1 Class A notes, that will be sold to cat bond investors and the proceeds be used to collateralize a retrocession agreement between the issuing vehicle and Mapfre Re.
That retrocessional agreement will provide US named storm reinsurance protection for all states except Florida on an indemnity trigger and per-occurrence basis to the sponsor, over a roughly three year term to the end of June 2029, we understand.
But, as mentioned, the coverage will also cascade via Mapfre Re, in order to extend to other group entities including certain insurer subsidiaries, we are told.
The currently $200 million of Series 2026-1 Class A notes being offered by Recoletos Re DAC will have an attachment point at $150 million of losses and exhaust their coverage at $350 million, sources said. There may be other reinsurance layers that inure to the coverage, we cannot be sure.
The Class A notes come with an initial attachment probability of 2.57%, an initial base expected loss of 1.836% and are being offered to investors with spread price guidance in a range from 4.25% to 4.75%.
It’s encouraging to learn that Mapfre Re is looking to expand the utility of its Recoletos Re catastrophe bonds, seeking its first indemnity coverage and broadening its capital markets backed US hurricane protection in the process.
You can read all about this new Recoletos Re DAC (Series 2026-1) catastrophe bond and view details on almost every other cat bond ever issued in our extensive Artemis Deal Directory.
