SageSure and SURE close $520 million cat bond in largest Gateway Re issuance
By Michael Loney
Feb 28 - (The Insurer) - Catastrophe MGU SageSure and its affiliate SureChoice Underwriters Reciprocal Exchange have closed the $520 million Gateway Re Series 2025-1 catastrophe bond, the ninth and largest issuance in the series to date.
SageSure said that the cat bond upsized by nearly 27% from its initial $410 million target, and priced approximately 10% lower than the midpoint of its initial target, signalling strong investor appetite.
Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the Gateway Re 2025-1 issuance.
The Gateway Re 2025-1 issuance is the first in the series to combine first event limit in the first three tranches and second event limit in the other two tranches.
All five classes of notes will provide SageSure’s carrier partners SURE and SafeChoice Insurance Company with U.S. named storm reinsurance protection.
SageSure first entered the ILS market in 2022. With the close of the latest transaction, the SageSure-supported Gateway Re franchise has secured more than $1.7 billion in cumulative notional limit to date.
“SageSure is proud to support its carrier partners in securing the largest catastrophe bond in the history of the Gateway Re series,” said Terrence McLean, president and CEO of SageSure. “We are grateful for the continued investor confidence in our programs, which enables underwriting capacity where producers and policyholders need it most.”
SURE president Ed Konar added: “This diversified reinsurance protection positions SURE to operate in challenging markets and deliver more solutions to coastal property owners.”
SageSure was launched in 2009 and has more than $2.3 billion of inforce premium, while SURE has more than $1 billion of in-force premium.
In November last year SageSure announced an exclusive partnership with Auros Reciprocal Insurance Exchange, which Program Manager had previously revealed was the third reciprocal sponsored by the catastrophe-focused MGU.
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