MAPFRE RE returns with €125m cat bond deal

November 26, 2025

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MAPFRE RE, the global reinsurance arm of the MAPFRE Group, has returned to the catastrophe bond market with a new €125m issuance designed to strengthen its protection against severe weather risks in Europe.

The transaction has been issued through Recoletos Re DAC, an Irish-based special purpose vehicle, according to FF News.

The company secured €125m from investors, with AON Securities acting as structuring and placement agent. The deal, originally planned at €100m, was increased due to strong market appetite and ultimately priced below initial guidance as investor demand rose.

MAPFRE RE specialises in providing reinsurance solutions across property, casualty, life, and global risks, and has been expanding the tools it uses to diversify its risk management framework.

The firm has increasingly integrated capital markets instruments into its retrocession strategy as climate-related threats intensify.

The new catastrophe bond will offer protection over a three-year period and is intended to shield MAPFRE RE’s European portfolio against extreme wind events, which represent one of the company’s largest sources of catastrophic exposure. The structure provides annual aggregate protection, with losses determined by data supplied by PERILS AG.

In its announcement, MAPFRE RE noted that this is its second use of a catastrophe bond to support its retrocession arrangements. Its first cat bond, issued in 2024, formed part of a broader plan to diversify its reinsurance sources while enhancing resilience to extreme weather patterns driven by climate change.

MAPFRE RE CEO Miguel Rosa said, “We are very pleased with this new protection. The use of catastrophe bonds as part of our retrocession purchase allows us to better protect MAPFRE RE in Europe and diversify our reinsurance sources.

“This strengthens our position in the global market whilst demonstrating the confidence that both the traditional and catastrophe bond markets have in MAPFRE RE’s underwriting quality.”

Catastrophe bonds have continued to gain traction as an alternative to traditional reinsurance, enabling insurers and reinsurers to transfer disaster-related risks to capital markets investors who seek diversified, non-correlated returns. MAPFRE RE’s renewed interest in the asset class highlights the growing importance of capital markets capacity in managing escalating climate-linked exposures.

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