Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2021-01A)

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Eclipse Re Ltd. (Series 2021-01A) – 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: $80m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Jan 2021

Eclipse Re Ltd. (Series 2021-01A) – Full details:

Private catastrophe bond transformer and issuance platform Eclipse Re Ltd. has completed its first listed issuance of 2021, with an $80 million Eclipse Re Ltd. (Series 2021-01A) transaction that has been privately placed with qualified investors.

For this latest Eclipse Re transaction, $80 million of Series 2020-01A catastrophe linked notes have been issued by the transformer vehicle, with the notes having a final maturity date of December 31st 2022.

For the first Eclipse Re transaction of 2021, $80 million of Series 2021-01A notes have been issued by the vehicle, with the notes having a final maturity date of December 31st 2022, suggesting they could represent a two-year reinsurance agreement.

As with every Eclipse Re private ILS deal, we cannot be sure of the underlying risk though, so we make the assumption these are property catastrophe risk-linked notes, providing an unnamed protection buyer with up to two year’s of reinsurance or retrocession protection.

The $80 million Series 2021-01A issuance from Eclipse Re, which appears to be a private cat bond or securitisation of a collateralised reinsurance arrangement, represents the vehicles segregated account EC0033.

The notes have been placed with qualified institutional investors and have been 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 $80 million of private cat bond notes will have been put to work as collateral to underpin the related reinsurance or retrocession contract.

ILS and reinsurance market service provider and facilitator Horseshoe takes a lead role as the manager for these Eclipse Re Ltd. transactions, with this special purpose vehicle an important part of its offering to clients.

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