• Both operations, one of Senior debt, for 500 million, and another subordinated Tier 2, for another 500 million, will be allocated to financing the purchase of Safety Insurance.
  • The total issuances enjoyed demand of more than 5,700 million euros, demonstrating the interest of institutional investors in the company.

Mapfre today successfully completed a double capital market debt issuance; a placement of Senior debt securities amounting to 500 million euros with a term of three years, and another of Tier 2 subordinated debt amounting to 500 million euros. This transaction is part of the debt restructuring plan aimed at acquiring 100% of Safety Insurance Group.

Mapfre has gone to the capital markets for the third time in 2026, following its €1,000 million double-tranche Senior transaction, issued in January, and the €500 million subordinated Tier 2 bond, issued in June. The transaction forms part of the debt restructuring plan for the acquisition of 100% of Safety Insurance Group. The securities will be quoted on the AIAF market and will be classed as regulatory capital Senior debt and Tier 2 capital under Solvency II regulations.

The Senior issuance, with a three-year maturity, achieved final coupon pricing of 3.875%, while the subordinated tranche, with a final maturity in 2041 and a call option in 2031 (15NC5), priced with a 4.875% coupon. The strong demand from the investment community enabled the issuer to tighten the spread initially announced by more than 30 and 35 basis points, respectively.

Both operations received strong international investor support, with demand exceeding €2,500 million for the Senior tranche and €3,200 million for the subordinated tranche, equivalent to 5 and 6.4 times the amount finally issued and with the participation of more than 150 institutional investors.

By investor type, the Senior issuance securities were mainly allocated to fund managers (70%), banks and private banks (11%), and insurance companies and pension funds (10%). By geographic distribution, the largest demand, at 26%, was seen in the UK and Ireland.

As far as the subordinated issuance goes, the majority of the securities were allocated to fund managers (71%), insurers and pension funds (10%), and private banks and other financial entities (19%).  In terms of geographic distribution of these securities, the UK and Ireland accounted for 37%, and France for 29%.

These operations are framed within Mapfre’s financial strategy aimed at maintaining a solid, diversified, and efficient capital structure. Additionally, financial flexibility and solvency positioning are strengthened, with a Solvency II ratio of 208.8% in the first half of 2026, while financial costs are optimized.

The main credit rating agencies maintain a positive assessment of the Group’s financial strength. In 2026, Fitch maintained Mapfre’s credit rating at “A” with stable outlook, while S&P raised its rating to “A” and revised the outlook to stable.

The issuance was coordinated by Citi and Deutsche Bank as Global Coordinators. Barclays, BBVA, BofA Securities, BNP Paribas, Crédit Agricole CIB, Citi, Deutsche Bank, Morgan Stanley, and Santander acted as Joint Lead Managers of the operation. 

About Mapfre:

Mapfre is a global insurance, reinsurance, assistance, and financial solutions company. It is the largest Spanish-owned insurer in the world, a leading multinational insurance group in Latin America, and ranks sixth among the largest insurers in Europe by revenue. Mapfre employs more than 30,000 people worldwide, and in 2025 it reported net earnings of €1.1 billion (+19.6%) on revenue of €34.5 billion (+4%).

More information here.

About the Safety acquisition:

The acquisition of Safety allows Mapfre to strengthen its position in the United States, especially in New England, expanding its market share in the Motor and Homeowners segments. The operation consolidates its leadership in Massachusetts and raises its exposure to highly profitable segments, such as SMEs. From a financial perspective, the acquisition is expected to contribute positively to earnings per share and cash generation from the first year, while also optimizing its capital structure.

More information here.