SageSure, a managing general underwriter focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 basis points tighter than the mid-point of the initial price guidance.
With this latest transaction, SageSure-supported catastrophe bonds issued by Gateway Re represent $1.16 billion in risk capital.
The issuance marks SURE’s second successful visit to the global insurance-linked securities (ILS) market this year, following the recently closed $250 million Gateway Re Series 2024-1 catastrophe bond. The 2024-2 notes provide second and subsequent event loss protection for both SURE and SageSure’s other affiliated reciprocal exchange Elevate through the end of the 2024 Atlantic hurricane season.
Swiss Re Capital Markets served as the sole structuring agent and bookrunner for the issuance.
SURE, domiciled in Texas, is currently available in Alabama, California, Florida, Louisiana, Mississippi, North Carolina, South Carolina, and Texas.
Topics Catastrophe
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