Mapfre Re, the reinsurance arm of Mapfre, has completed a $200 million catastrophe bond via its special purpose vehicle Recoletos Re DAC, providing indemnity-based U.S. named storm coverage on a per-occurrence basis over a three-year risk period through June 2029.
Mapfre Re explained that with this transaction, it continues to reinforce the use of alternative capital as a “structural pillar” of its retrocession and reinsurance purchasing strategy, enhancing the wider group’s resilience through diversified sources of capacity that complement traditional products.
The transaction also introduces, for the first time, indemnity-based, per-occurrence U.S. named storm coverage fully integrated into Mapfre Re’s corporate reinsurance purchasing program.
“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,” Mapfre Re observed.
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.”
