{"id":1097,"date":"2026-04-11T05:29:28","date_gmt":"2026-04-11T05:29:28","guid":{"rendered":"https:\/\/www.europesays.com\/spain\/1097\/"},"modified":"2026-04-11T05:29:28","modified_gmt":"2026-04-11T05:29:28","slug":"mapfre-re-secures-upsized-e125m-recoletos-re-cat-bond-priced-at-low-end","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/spain\/1097\/","title":{"rendered":"Mapfre Re secures upsized \u20ac125m Recoletos Re cat bond, priced at low-end"},"content":{"rendered":"

Mapfre Re has successfully priced its second 144A catastrophe bond, securing the upsized \u20ac125 million of annual aggregate European windstorm retrocession through the Recoletos Re DAC (Series 2025-1)<\/a> issuance, while the spread was finalised at the low-end of reduced guidance, Artemis understands.
\"mapfre-re-logo\"As we reported yesterday, Spanish global reinsurance company Mapfre Re had been in the market for a few days with its second catastrophe bond sponsorship.<\/p>\n

Initially, the target size of this Recoletos Re 2025-1 cat bond was to secure \u20ac100 million of European windstorm protection for Mapfre Re, but as we said the size had already been increased to a target of \u20ac125 million<\/a>.<\/p>\n

Now, we\u2019re told by sources that this cat bond deal was successfully priced late yesterday, to secure Mapfre Re its upsized target for aggregate windstorm retrocession covering Europe.<\/p>\n

As a result, Ireland domiciled issuer Recoletos Re DAC will now issue \u20ac125 million of Series 2025-1 Class A notes.<\/p>\n

The notes will provide sponsor Mapfre Re with a source of fully-collateralized annual aggregate, territory weighted and industry loss trigger based European windstorm coverage over three annual terms from December 2025 through till the end of November 2028.<\/p>\n

The now confirmed as \u20ac125 million of Class A notes come with an initial expected loss of 2.31% and were initially offered to investors with spread price guidance in a range from 4% to 4.5%.<\/p>\n

As we reported, that price guidance was updated and lowered to a range of 3.5% to 4% and we\u2019re now told by sources that the notes priced to pay investors a risk interest spread of 3.5%, so the bottom end of the reduced guidance.<\/p>\n

A year ago,\u00a0Mapfre Re secured $125 million in annual aggregate US named storm retrocession from the capital markets with its debut Recoletos Re DAC (Series 2024-1)<\/a> catastrophe bond.<\/p>\n

This new cat bond shows that Mapfre Re intends to utilise the cat bond structure to further augment its retrocession arrangements, including for a range of perils and regions. Which bodes well for the prospects that the reinsurer becomes a regular repeat sponsor over-time.<\/p>\n

You can read all about this new Recoletos Re DAC (Series 2025-1)<\/a> catastrophe bond and view details on almost every other cat bond ever issued in our extensive Artemis Deal Directory<\/a>.<\/p>\n


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