Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Eclipse Re Ltd. (Series 2019-02A)

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Eclipse Re Ltd. (Series 2019-02A) – At a glance:

  • Issuer: Eclipse Re Ltd.
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $56.59m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Aug 2019

Eclipse Re Ltd. (Series 2019-02A) – Full details:

This is the fifth private catastrophe bond transaction issued using the Eclipse Re Ltd. vehicle in 2019, as uptake of the transformer and private ILS platform increases.

In the two previous years, Eclipse Re Ltd. has only issued two private cat bond transactions per-year.

In its fifth deal of 2019, Eclipse Re Ltd. has issued a single $56.6 million tranche of private catastrophe bond notes, which have been sold to investors or ILS funds.

The proceeds from the sale of the notes will have been used as the collateral to underpin linked reinsurance or retrocession contracts.

This $56.6 million Eclipse Re Ltd. (Series 2019-02A) transaction saw special purpose Bermudian insurer Eclipse Re Ltd. issuing one tranche of Series 2019-02A notes from its segregated account SAC EC0020, with the notes having a due date of June 1st 2020.

We assume the issued private cat bond notes represent a one-year reinsurance or retrocession contract underwritten at the mid-year renewals, likely featuring U.S. wind, earthquake or other U.S. natural perils risks, given the contract running to the start of June 2020.

The single tranche of notes has been admitted for listing on the Bermuda Stock Exchange (BSX) as insurance related securities.

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

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