Swiss Re Insurance-Linked Fund Management

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Eclipse Re Ltd. (Series 2021-11A)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.


Eclipse Re Ltd. (Series 2021-11A) – 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: $75m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Nov 2021

Eclipse Re Ltd. (Series 2021-11A) – Full details:

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

For the tenth private cat bond from the structure in 2021, Eclipse Re Ltd. has issued $75 million of Series 2021-11A notes, with the notes having a final maturity date of September 30th 2023.

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 $75 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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