Eclipse Re Ltd. (Series 2022-6A) – Full details:
This is the fourth 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.
It’s possible this deal represents a mid-year reinsurance or retrocession arrangements that have been put 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 just slightly over $11 million ($11.0152m to be precise) of Series 2022-06A notes, which correspond to Segregated Account EC48 of the vehicle, with these notes having a final maturity date, of June 1st 2023.
The proceeds from the sale of the roughly $11 million of 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.