Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2021-06A)

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Eclipse Re Ltd. (Series 2021-06A) – 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: $29.3m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Oct 2021

Eclipse Re Ltd. (Series 2021-06A) – Full details:

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

For its fourth deal of 2021, Eclipse Re Ltd. has issued $29.3 million of Series 2021-06A notes, with the notes having a final maturity date of May 31st 2022.

This series of notes from Eclipse Re were issued at the same time as three others, totalling roughly $45.2 million across the four series, all with the same final maturity date, suggesting they may be part of the same reinsurance or retrocession program, perhaps representing different layers.

As ever, we assume they represent property catastrophe risk-linked notes, providing an unnamed protection buyer, or fund, with reinsurance or retrocession protection to the end of May 2022.

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 $29.3 million of private catastrophe bond notes across each series will have been used as collateral to underpin a linked reinsurance or retrocession contract, and the cash will be held in a trust.

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

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