Achmea Reinsurance Company N.V. has returned to the insurance-linked securities (ILS) market with a €100 million Windmill III Re Series 2026-1 catastrophe bond, providing cover for European windstorm and severe thunderstorm losses on an ultimate net loss, per-occurrence basis.
Achmea Reinsurance has entered into a four-year reinsurance agreement with Windmill III Re DAC, a multi-arrangement special purpose vehicle incorporated in Ireland, providing per-occurrence retrocession cover for losses originating from its non-life insurance companies, Achmea Schadeverzekeringen N.V. and N.V. Hagelunie.
Windmill III Re DAC has issued €100 million of Series 2026-1 notes to fund its obligations to Achmea Reinsurance under the reinsurance agreement.
This transaction marks Achmea Reinsurance’s fifth sponsored cat bond and its third under Rule 144A of the US Securities Act.
It forms part of the overall catastrophe reinsurance purchase by Achmea Reinsurance and diversifies its sources of catastrophe protection and provides multi-year cover from 1st July 2026 to 30th June 2030.
The transaction was upsized from an initial announcement size of €75 million, with the notes priced at a spread of 3.75%, below the initial spread guidance.
Gallagher Securities acted as sole structuring agent and bookrunner on the transaction.
To read more details about Windmill III Re Series 2026-1 or other catastrophe bonds, visit our sister publication Artemis’ Deal Directory.
Ewoud Bom, Managing Director of Achmea Reinsurance, said, “This Windmill III Re Series 2026-1 issuance is a continuation of our strategy to diversify our access to reinsurance capacity worldwide and to broaden and strengthen our relationships with capital market investors. We believe in the mutual benefit of our strategy to transfer part of our risk to the capital market, which is confirmed by the good reception from investors of our fifth issuance.”
