Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2017-02A)

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Eclipse Re Ltd. (Series 2017-02A) – At a glance:

  • Issuer: Eclipse Re Ltd. (Series 2017-02A)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Rewire Securities acted as bookrunner
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $53.3m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: May 2017

Eclipse Re Ltd. (Series 2017-02A) – Full details:

This Eclipse Re Ltd. 2017-02A issuance is the second private series of catastrophe bond notes to be issued through the Eclipse Re Ltd. collateralized reinsurance note platform.

This new transaction sees three tranches of Series 2017-02A notes issued, totaling $53.3 million and with each tranche corresponding to a single segregated account, likely with a reinsurance contract within each.

The first is a $4.8 million Series 2017-02A Notes – SAC EC0003 tranche. The second, a $10.5 million Series 2017-02A Notes – SAC EC0004 tranche. Finally, the largest is a $38 million Series 2017-02A Notes – SAC EC0005 tranche.

All three tranches of notes issued by Eclipse Re Ltd. have been admitted for listing on the Bermuda Stock Exchange (BSX) as Insurance Related Securities.

The maturity date is set as the 1st July 2018, suggesting the transaction collateralizes a reinsurance arrangement covering just over one year, so likely transacted for the mid-year renewals.

The $53.3 million of Eclipse Re 2017-02A notes were privately placed with qualified investors, with we presume Rewire Securities acting as the bookrunner for the transaction.

Horseshoe Group acted as the listing sponsor, through its Horseshoe Corporate Services entity.

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