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Eclipse Re Ltd. (Series 2021-02A)

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Eclipse Re Ltd. (Series 2021-02A) – 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: $8.7m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Apr 2021

Eclipse Re Ltd. (Series 2021-02A) – Full details:

This is the second transaction of 2021 we have listed from private catastrophe bond transformer and issuance platform Eclipse Re Ltd.

For its second deal of 2021, Eclipse Re Ltd. has issued $8.7 million of Series 2021-02A notes, with the notes having a final maturity date of December 31st 2021, suggesting they could represent a transaction that runs from the April renewal through to year-end.

That might suggest the underlying is a property catastrophe exposed contract such as an industry-loss warranty (ILW), designed to cover the US hurricane season, however we cannot be sure. But we do assume they are property catastrophe risk-linked notes, providing an unnamed protection buyer, or fund, with reinsurance or retrocession protection to the end of 2021.

The $8.7 million issuance of Series 2021-02A notes from Eclipse Re represent the vehicles segregated account EC0034.

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

The proceeds from the sale of the $8.7 million of private catastrophe bond notes will be used as collateral to underpin the related reinsurance or retrocession contract, held in a trust.

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