Mapfre Re lists first cat bond

Spanish re/insurer Mapfre Re has listed $125 million of catastrophe bonds on the Bermuda Stock Exchange through its insurance-listed securities vehicle Recoletos Re. 

The three-year catastrophe bonds were a private placement  and the listing sponsor was Walkers Listing Services. The bonds were listed on December 12. This was the first time Mapfre Re has issued a cat bond. 

In a statement, the company said the bond was aimed at enhancing Mapfre Re’s retrocession protection.

Series 2024-1 provides the Spanish reinsurer with protection against its catastrophic exposure to tropical storms and hurricanes in the US, based on reported industry losses from such events and on an annual aggregate basis.

The bond was upsized to USD $125 million from an initial USD $100 million, and with reduced pricing, due to the strong investor demand, the company said. 

“We’re very satisfied with this new protection because it enables us to expand our business in the United States and diversify our sources of reinsurance, which strengthens our position in the global market.” said Miguel Rosa, CEO of Mapfre Re.

Recoletos Re is registered in Dublin. 

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