Recoletos Re DAC Series 2024-1

Mapfre Re, the global reinsurance company headquartered in Spain, has said it is “very satisfied” with securing its debut catastrophe bond, the Recoletos Re DAC (Series 2024-1) issuance, saying that the deal was positively received by the capital markets.

Mapfre Re has now successfully priced its debut catastrophe bond, with the Recoletos Re DAC (Series 2024-1) issuance now secured to provide the reinsurance company with an upsized $125 million of retrocession, with the notes priced below the initial guidance range that had been offered.

Mapfre Re has increased the target size for the amount of retrocessional reinsurance it hopes to secure from its debut catastrophe bond sponsorship, with the Recoletos Re DAC (Series 2024-1) issuance now aimed for $125m, while at the same time the price guidance has been lowered.

Spain headquartered global reinsurance company Mapfre Re has entered the catastrophe bond market for the first time, with a target to secure $100 million in annual aggregate US named storm retrocession from the capital markets with its debut Recoletos Re DAC (Series 2024-1) issuance, Artemis has learned.