Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Eclipse Re Ltd. (Series 2020-06A)

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Eclipse Re Ltd. (Series 2020-06A) – 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: $20m
  • Trigger type: Unknown
  • Ratings:
  • Date of issue: Oct 2020

Eclipse Re Ltd. (Series 2020-06A) – Full details:

Private catastrophe bond transformer and issuance platform Eclipse Re Ltd. has completed its fifth listed issuance of 2020, with a nearly $20 million Eclipse Re Ltd. (Series 2020-06A) deal privately placed with qualified investors.

In this latest Eclipse Re transaction, almost $20 million of Series 2020-06A notes have been issued by the vehicle, with the notes having a final maturity date of September 30th 2021.

That suggests the transaction could have been a top-up reinsurance agreement, or an additional hedge added by a protection buyer, or has at least been entered into outside of the typical reinsurance renewal cycle.

Sometimes the out of renewal cycle deals can be industry loss warranty’s (ILW’s) issued for ILS funds looking to hedge peak perils, such as hurricane risks.

In this case, as with all Eclipse Re private ILS deals, we cannot be sure though, so we just make the assumption these are property catastrophe risk-linked notes, providing an unnamed protection buyer with roughly a year of reinsurance or retrocession.

So, the just slightly under $20 million Series 2020-06A issuance from Eclipse Re, which appears to be a private cat bond or securitisation of a collateralised reinsurance arrangement that runs across a roughly one-year term to September 30th 2021, represents the vehicles segregated account EC0032.

The notes have been placed with qualified investors and admitted to the Bermuda Stock Exchange (BSX) as insurance-related securities for listing, with Horseshoe also acting as listing sponsor through its Horseshoe Corporate Services Limited unit.

The proceeds from the sale of the $20 million of notes will have been put to work as collateral to underpin the related reinsurance or retrocession contracts.

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