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Coastal property managing general underwriter SageSure has now secured its latest slice of capital markets backed reinsurance, as the new $50 million Gateway Re Ltd. (Series 2023-3) catastrophe bond issuance has been priced roughly 7% below the mid-point of the initial spread guidance range.

The latest catastrophe bond from coastal property managing general underwriter SageSure looks likely to price at the bottom-end of initial guidance, as the firm seeks a lower spread for its first county-weighted aggregate retrocessional cat bond, the $50 million Gateway Re Ltd. (Series 2023-3) issuance.

Coastal property managing general underwriter SageSure is back in the catastrophe bond market for already the fourth time this year, but this time it is seeking county-weighted aggregate retrocessional protection via its captive reinsurance vehicle, through a $50 million Gateway Re Ltd. (Series 2023-3) issuance.

The recently completed sponsorship of its debut second and subsequent event focused catastrophe bond, the $100 million Gateway Re Ltd. (Series 2023-2) deal, is a “necessary layer of additional protection during the 2023 Atlantic hurricane season,” SURE President Ed Konar has explained, while Swiss Re’s Jean-Louis Monnier said it represents efficient reinstatement capacity.

Coastal property managing general underwriter SageSure’s latest catastrophe bond, the Gateway Re Ltd. (Series 2023-2) deal, has now been finalised to provide an upsized $100 million of reinsurance for the SureChoice and Elevate reciprocal exchanges, while the notes priced below the initial guidance, we’re told.

The target size has been lifted to $100 million for coastal property managing general underwriter SageSure’s latest catastrophe bond, with the Gateway Re Ltd. (Series 2023-2) cat bond now positioned to provide a larger than originally cited slice of reinsurance for the SureChoice and Elevate reciprocal exchanges.

A third catastrophe bond of the year  to benefit underwriting entities linked to coastal property managing general underwriter SageSure has now been launched to investors, with a $75 million Gateway Re Ltd. (Series 2023-2) cat bond sought for the SureChoice and Elevate reciprocal exchanges.

SafePort Insurance Company and SafeChoice Insurance Company, two carriers linked to coastal property managing general underwriter SageSure, have now secured $125 million of named storm reinsurance protection with their debut Gateway Re II Ltd. (Series 2023-1) catastrophe bond.

The Gateway Re II Ltd. (Series 2023-1) catastrophe bond, that will provide its reinsurance protection to two more of the insurance carriers linked to coastal property managing general underwriter SageSure, is set to upsize to $125 million, while its pricing has tightened towards the lower-end of guidance.

We’ve learned that a new catastrophe bond has been launched that aims to provide its reinsurance protection to two more of the insurers linked to coastal property managing general underwriter SageSure, with a $100 million or greater target set for the Gateway Re II Ltd. (Series 2023-1) cat bond issuance.