Eclipse Re Ltd. (Series 2021-09A)

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Eclipse Re Ltd. (Series 2021-09A) – 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: $127.5m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Nov 2021

Eclipse Re Ltd. (Series 2021-09A) – Full details:

This is the ninth privately placed insurance-linked securities (ILS) transaction of 2021 we have listed from private catastrophe bond transformer and issuance platform Eclipse Re Ltd.

For its ninth issuance of private cat bond notes in 2021, Eclipse Re Ltd. has issued $127.5 million of Series 2021-09A notes, with the notes having a final maturity date of June 30th 2022.

As ever with these privately placed cat bond deals, we assume the notes represent property catastrophe risk-linked notes, providing an unnamed protection buyer, or fund, with reinsurance or retrocession protection.

The proceeds from the sale of the $127.5 million of private catastrophe bond notes will have been used as collateral to underpin linked reinsurance or retrocession contracts, and the cash will be held in a trust.

ILS and reinsurance market service provider and facilitator Horseshoe, part of Artex, will have led the issuance as the manager for these Eclipse Re Ltd. transactions, with this special purpose vehicle a key offering to its clients.

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

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