Eclipse Re Ltd. (Series 2022-5A) – Full details:
This is the sixth issuance of privately placed insurance-linked securities (ILS) notes 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 Capital Solutions.
This deal could represent likely represents a reinsurance or retrocession arrangement that has been issued through the Eclipse Re structure in order to create series of investable, securitized catastrophe bond notes, potentially for a fund managers portfolio.
Eclipse Re Ltd. has issued $13.875 million of Series 2022-05A notes, on behalf of its Segregated Account EC47, with these notes having a final maturity date, of June 1st 2023.
The proceeds from the sale of the $13.875 million of Series 2022-05A private cat bond notes issued by Eclipse Re will have been used as collateral to underpin a related reinsurance or retrocession contract, held in a trust.