Eclipse Re Ltd. (Series 2022-2A) – Full details:
This is the second privately placed insurance-linked securities (ILS) transaction of 2022 that we have listed in our extensive 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 Artex.
This second issuance from Eclipse Re of 2022 is a relatively small transaction, and has a term that suggests this is likely a US wind protection, as it runs through the Atlantic hurricane season.
Eclipse Re Ltd. has issued $8.73 million of Series 2022-02A notes, with the notes having a final maturity date, of January 1st 2023.
As ever, we assume this latest Eclipse Re deal features property catastrophe risk-linked notes, providing an unnamed protection buyer, or ILS fund, with reinsurance or retrocession protection just to the end of 2022.
Because of this, there’s a strong chance it’s a protection running for the US wind season, although it could also be a carrier needing a slice of reinsurance from the cat bond market to run up to the January renewals.
The proceeds from the sale of the $8.73 million of private catastrophe bond notes will have been used as collateral to underpin a related reinsurance or retrocession contract, held in a trust.
The $8.73 million of private cat bond 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 Artex also acting as the listing sponsor through its Artex Corporate Services (Bermuda) Ltd. unit.
———————————————————————
Register to attend Artemis London 2022, our first ILS conference in London. Sept 6th, 2022.
Tickets are now on sale.
Secure your place at the event here!
—————————————
