Mapfre Re, the reinsurance arm of Mapfre, has closed a $200 million catastrophe bond through its special purpose vehicle Recoletos Re DAC, providing indemnity-based coverage on a per-occurrence U.S. named storm basis over a three-year risk period ending in June 2029.
Mapfre Re explained that with the transaction, it will continue to strengthen its use of alternative capital as a “structural pillar” of its retrocession and reinsurance buying strategy, enhancing the resilience of the wider group through diversified sources of capacity that complement traditional products.
The transaction also introduces for the first time indemnity-based US named storm insurance, fully integrated into Mapfre Re’s corporate reinsurance buying program.
“This approach allows for a closer alignment between reinsurance protection and the group’s underlying risk exposures, thereby increasing the effectiveness of risk transfer to capital markets,” Mapfre Re observed.
Miguel Rosa, CEO of Mapfre Re, commented: “This transaction highlights our rigorous risk management approach and our ongoing commitment to providing strong, consistent protection for the Mapfre Group.
“By further integrating indemnity-based catastrophe bond insurance into our reinsurance program, we are supporting the group’s resilience while making strategic and diversified use of capital markets capabilities.”
Learn more in our sister publication Artemis’ deal directory, which contains information on more than 1,000 cat bonds and related ILS transactions issued since the inception of the ILS and cat bond markets in the mid-1990s.