Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2018-02A)

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Eclipse Re Ltd. (Series 2018-02A) – At a glance:

  • Issuer: Eclipse Re Ltd. (Series 2018-02A)
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Rewire Securities acted as structurer and bookrunner.
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $97.6m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jun 2018

Eclipse Re Ltd. (Series 2018-02A) – Full details:

This is the second issuance of a private series of catastrophe bond notes through the Eclipse Re Ltd. collateralized reinsurance note platform this year.

This transaction saw special purpose insurer Eclipse Re Ltd. issuing two tranches of Series 2018-02A notes with a total value of roughly $97.6 million, with both tranches having a due date of June 1st 2019, so likely corresponding to a one-year collateralized reinsurance arrangement from the mid-year renewals.

Each tranche corresponds to a single segregated account of the Eclipse Re vehicle with likely a separate reinsurance contract contained within each of those.

The first tranche is an $80 million Series 2018-02A Notes – SAC EC0017 tranche and the second a just over $17.6 million Series 2018-02A Notes – SAC EC0018 tranche.

Both tranches of notes were listed on the Bermuda Stock Exchange (BSX) as Insurance Related Securities and placed with qualified ILS investors and ILS funds.

We don’t know who the sponsor of this latest Eclipse Re private cat bond is, but we understand that the underlying perils are property catastrophe risks.

Horseshoe Group acted as the listing sponsor, through its Horseshoe Corporate Services entity, while Rewire will have structured the offering and run the book.

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