The catastrophe bond, Series 2024-1, was initially set at $100m (€95.26m) but was upsized to $125m due to investor demand. Credit: Casimiro PT/Shuttertsock.

Spanish reinsurer Mapfre RE has sponsored its first catastrophe bond, which is designed to protect the company against catastrophic events such as tropical storms and hurricanes in the US. 

Catastrophe bonds are financial instruments that offer collateralised reinsurance alternatives, allowing insurers and reinsurers to manage their risks effectively. 

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The bond was issued through the special purpose vehicle Recoletos Re DAC, with a three-year protection from January 2025 to December 2027. 

The Recoletos Re DAC bond, Series 2024-1, was initially set at $100m but was upsized to $125m due to investor demand.

The bond’s placement was facilitated by AON Securities, which acted as the structuring agent, and GC Securities, which assisted in the placement.  

The positive reception from investors led to not only an increase in the bond’s size but also reduced pricing, highlighting the strong appetite for such financial instruments. 

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MAPFRE RE CEO Miguel Rosa said: “We are very satisfied with this new protection because it enables us to expand our business in the US and diversify our sources of reinsurance, which strengthens our position in the global market.”  

In July, MAPFRE RE received approval from the National Financial Regulatory Administration of the People’s Republic of China to open a new branch in Beijing, expanding its China market presence. 

MAPFRE provides a range of insurance programmes including life, health, accident, property and casualty protection. 

Reinsurance unit MAPFRE RE caters to both MAPFRE and other insurers globally, with a presence in more than 100 countries and 19 offices. 

MAPFRE’s asset management division, MAPFRE AM, oversees the group’s and its clients’ investments, adhering to the principles of socially responsible investment.