Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2020-04A)

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Eclipse Re Ltd. (Series 2020-04A) – 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: $40m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jul 2020

Eclipse Re Ltd. (Series 2020-04A) – Full details:

This is the fourth cat bond lite, or private catastrophe bond arrangement, to be issued for the benefit of an unknown sponsor by the Horseshoe managed Eclipse Re Ltd. special purpose insurer (SPI) vehicle in 2020.

The $40 million Series 2020-04A issuance from Eclipse Re, which looks to be a private cat bond or securitisation of a collateralised reinsurance or retro arrangement that runs just across the U.S. wind season and represents segregated account EC0029, with maturity due December 15th 2020.

We assume this is from either the June or July renewals and that it appears to be U.S. wind related given its relatively short tenure would cover the hurricane season, but again we categorise this as an unknown property catastrophe risks arrangement as we cannot be certain.

The notes issued in this transactions have been placed with qualified investors and admitted to the Bermuda Stock Exchange (BSX) as insurance-related securities.

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

Eclipse Re provides a platform for the market where insurance-linked securities (ILS) funds or investors can engage in reinsurance and retrocession contracts more directly with ceding companies, but still benefit from a risk transfer arrangement that is transformed and securitized into private cat bond form.

Leading ILS and reinsurance market service provider and facilitator Horseshoe takes the lead as manager for these Eclipse Re transactions, given it operates the special purpose vehicle as part of its offering to clients.

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