SageSure and Auros close $150 million cat bond in 10th Gateway Re issuance
By Isha Marathe
April 8 - (The Insurer) - Catastrophe managing general underwriter SageSure and Auros Reciprocal Insurance Exchange have closed the $150 million Gateway Re Series 2025-2 catastrophe bond, bringing the Gateway Re franchise to more than $2 billion in cumulative notional limit.
SageSure said that the cat bond upsized at 20% from its initial $125 million target, and will provide multi-year named storm reinsurance protection for both Auros, a first-time cedant entering the insurance-linked securities market, and Elevate Reciprocal Exchange.
The Gateway Re 2025-2 Class A notes will provide U.S.-named storm protection across a three-year term in Louisiana, Mississippi, South Carolina and Texas, with the ability to add more states at reset.
“SageSure is grateful for the ILS community’s continued confidence in this series that has enabled meaningful protection and growth for our carrier partners,” said Terrence McLean, president and CEO of SageSure.
“SageSure’s position as a leading cat bond sponsor emphasises our commitment to our carrier partners’ stability; a multi-year, diversified reinsurance program ensures both carriers and policyholders are well protected.”
In February, SageSure and its affiliate SureChoice Underwriters Reciprocal Exchange closed the $520 million Gateway Re Series 2025-1 catastrophe bond, the ninth and largest issuance in the series to date, Program Manager reported.
SageSure first announced its exclusive partnership with Auros in November 2024, making it the third reciprocal sponsored by the MGU.
“Auros is delighted by the strong investor support for our mission to protect coastal property owners,” said Ed Konar, president of Auros Risk Management.
“This issuance marks a significant milestone in Auros’ partnership with SageSure, one that will drive our strategic expansion in catastrophe-exposed markets.”
As with previous Gateway Re issuances, Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the transaction.
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