Eclipse Re Ltd. (Series 2020-01A)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

Share

Eclipse Re Ltd. (Series 2020-01A) – 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: $10m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jan 2020

Eclipse Re Ltd. (Series 2020-01A) – Full details:

This is the first private catastrophe bond or cat bond lite transaction to be issued using the Eclipse Re Ltd. special purpose vehicle in 2020.

After a busy 2019 when this transformer and private ILS platform was the issuer of at least around $300 million of private cat bonds, it’s expected that 2020 will also prove a busy year for the vehicle as securitisation of insurance and reinsurance risk remains in demand.

Eclipse Re Ltd. is a private catastrophe bond and insurance-linked securities (ILS) issuance vehicle managed by the Horseshoe Group and acts as a direct issuer of securitised risk transfer notes for a transaction between two parties, or as a transformer for funds to secure insurance or reinsurance risk in a more liquid and securitised form.

For the first deal of 2020, Eclipse Re Ltd. has issued a single $10 million tranche of private catastrophe bond notes which have been sold to investors or ILS funds. The proceeds from the sale of these notes will have been used as collateral to underpin related reinsurance or retrocession contracts.

This $10 million Eclipse Re Ltd. (Series 2020-01A) transaction saw special purpose Bermudian insurer Eclipse Re Ltd. issuing one tranche of Series 2020-01A notes from its segregated account SAC EC0026, with the notes having a due date of January 1st 2021.

As a result, it’s assumed the issued private cat bond notes represent a one-year reinsurance or retrocession arrangement, likely entered into at the recent renewal season.

The single $10 million tranche of notes issued by Eclipse Re has been admitted for listing on the Bermuda Stock Exchange (BSX) as insurance related securities.

ILS and reinsurance market facilitator and service provider Horseshoe Group is the lead facilitator for these Eclipse Re transactions, given it manages the vehicle and offers it to its clients.

———————————————————————
Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.