Eclipse Re Ltd. (Series 2022-1A) – Full details:
This is the first privately placed insurance-linked securities (ILS) transaction of 2022 that we have listed in our Deal Directory from private catastrophe bond transformer and issuance platform Eclipse Re Ltd.
Eclipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and segregated account company that is managed by insurance-linked securities (ILS) market facilitator and service provider Horseshoe, which is an Artex company.
Eclipse Re Ltd. has issued $75 million of Series 2022-01A notes, with the notes having a final maturity date, of December 31st 2023.
As ever, we assume they are property catastrophe risk-linked notes, providing an unnamed protection buyer, or ILS fund, with reinsurance or retrocession protection to the end of 2023.
The $75 million issuance of Series 2022-01A notes from Eclipse Re represent the vehicles segregated account EC0043.
The proceeds from the sale of the $75 million of private catastrophe bond notes will be used as collateral to underpin the related reinsurance or retrocession contract, held in a trust.
The notes have been placed with qualified institutional investors and were admitted to the Bermuda Stock Exchange (BSX) as insurance-related securities for a listing, with Horseshoe also acting as the listing sponsor through its Horseshoe Corporate Services Limited unit.
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 a key part of its offering to clients.
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