Spanish global reinsurer Mapfre Re’s sponsorship of its third and largest catastrophe bond yet, the $200 million Recoletos Re DAC (Series 2026-1) issuance, underscores the company’s disciplined approach to risk management, as well as its commitment to securing well-aligned protection for Mapfre Group, Miguel Rosa, CEO of Mapfre Re has said.
“The transaction represents a significant milestone, introducing for the first time indemnity‑based, per‑occurrence U.S. named storm coverage fully integrated into Mapfre Re’s corporate reinsurance purchasing program for the Mapfre Group,” Mapfre Re said.
As the firm explained, this approach allows for closer alignment between reinsurance protection and the Group’s underlying risk exposure, improving the effectiveness of risk transfer to the capital markets.
GC Securities, the investment banking and capital markets unit of reinsurance broker Guy Carpenter, acted as sole structuring agent and also joint bookrunner of the transaction, alongside Aon Securities.
Miguel Rosa, CEO of Mapfre Re, commented: “This transaction underscores our disciplined approach to risk management and our continued commitment to securing robust, well‑aligned protection for the Mapfre Group.
“By further integrating indemnity‑based catastrophe bond coverage into our reinsurance corporate program, we are supporting the Group’s resilience while making strategic and diversified use of capital markets capacity.”
Mapfre Re also noted that through this Recoletos Re DAC (Series 2026-1) transaction, it continues to reinforce the use of alternative capital as a structural pillar of its retrocession and reinsurance purchasing strategy, which ultimately further enhances the Group’s resilience through diversified sources of capacity that complement traditional products.
“This latest closing reaffirms Mapfre Re’s commitment to advanced and rigorous risk management, enhancing its protection against U.S. hurricane risk and further deepening the integration of capital markets within its global reinsurance strategy,” Mapfre Re added.
As a reminder, 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.
