{"id":34040,"date":"2026-06-03T14:30:17","date_gmt":"2026-06-03T14:30:17","guid":{"rendered":"https:\/\/www.europesays.com\/spain\/34040\/"},"modified":"2026-06-03T14:30:17","modified_gmt":"2026-06-03T14:30:17","slug":"mapfre-re-finalises-200m-recoletos-re-2026-1-cat-bond-at-low-end-pricing","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/spain\/34040\/","title":{"rendered":"Mapfre Re finalises $200m Recoletos Re 2026-1 cat bond, at low-end pricing"},"content":{"rendered":"

Mapfre Re, the Spanish global reinsurance company, has now successfully secured $200 million of US named storm protection from the capital markets through its Recoletos Re DAC (Series 2026-1)<\/a>\u00a0catastrophe bond issuance, pricing the notes at the lowest end of initial guidance, Artemis can report.
\"MapfreMapfre Re made its return to the catastrophe bond market in April,<\/a> with the third in the series of Recoletos Re DAC cat bonds.<\/p>\n

The company had previously secured $125 million of annual aggregate US named storm retrocession with its debut\u00a0Recoletos Re DAC (Series 2024-1)<\/a>\u00a0catastrophe bond in December 2024, and then went on to secure \u20ac125 million of European windstorm protection from its second sponsorship,\u00a0Recoletos Re DAC (Series 2025-1)<\/a>, in November last year.<\/p>\n

You can read about all of Mapfre Re\u2019s catastrophe bonds in our Deal Directory<\/a>.<\/p>\n

Mapfre Re was initially targeting a $200 million source of US named storm protection on an indemnity trigger and per-occurrence basis from this its\u00a0Recoletos Re DAC (Series 2026-1)<\/a>\u00a0issuance.<\/p>\n

As we later reported in our first update on this transaction,<\/a> the target remained for Recoletos Re DAC to offer and sell a $200 million single Class A tranche of Series 2026-1 notes to investors, but the price guidance for the risk interest spread the notes would pay had dropped to the lowest end of initial guidance.<\/p>\n

Now, sources have said that Mapfre Re has successfully priced the notes at the low-end of initial guidance range, securing its targeted $200 million of capital markets backed US named storm retrocession protection.<\/p>\n

With these new cat bond notes now priced and the coverage secured once the deal settles, Recoletos Re DAC, Mapfre Re\u2019s Ireland-based issuance vehicle, will issue a $200 million single tranche of Series 2026-1 Class A notes, that will be sold to cat bond investors and the proceeds be used to collateralize a retrocession agreement between the issuing vehicle and Mapfre Re.<\/p>\n

The $200 million of Series 2026-1 Class A cat bond notes that Recoletos Re DAC will issue come with an initial attachment probability of 2.57%, an initial base expected loss of 1.836%, and were initially offered to cat bond investors with spread price guidance in a range from 4.25% to 4.75%.<\/p>\n

As we reported, that guidance was revised to a single figure of 4.25%, so the lowest end of guidance, which is where we understand the notes have now been priced.<\/p>\n

As a result, Mapfre Re has managed to secure its largest catastrophe bond so far, with the company utilising investor appetite within the market to get the notes priced at the low-end of guidance.<\/p>\n

As a reminder, you can read all about this new\u00a0Recoletos Re DAC (Series 2026-1)<\/a>\u00a0catastrophe bond and view details on almost every other cat bond ever issued in our extensive\u00a0Artemis Deal Directory<\/a>.<\/p>\n


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