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Eclipse Re Ltd. (Series 2023-1A)

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 2023-1A) – 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: $8.73m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: May 2023

Eclipse Re Ltd. (Series 2023-1A) – Full details:

This is the first issuance of privately placed insurance-linked securities (ILS) notes from private catastrophe bond transformer and issuance platform Eclipse Re Ltd. of 2023, that we have listed in our extensive Deal Directory.

Eclipse Re Ltd. is a Bermuda based special purpose insurer (SPI) and segregated account company, that is managed by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.

Eclipse Re is often used as a transformer vehicle for ILS fund managers, converting collateralised reinsurance arrangements into something more akin to a catastrophe bond, securitized and with secondary transferability features.

This issuance likely represents a reinsurance or retrocession transaction that has been transformed using the Eclipse Re structure in order to create and issue a series of investable, securitized catastrophe bond notes, normally for an ILS fund manager or investors portfolio.

Eclipse Re Ltd. has issued $8.73 million of Series 2023-01A notes, on behalf of its Segregated Account EC51, with these notes having a final maturity date, of January 1st 2024.

As a result, it’s possible these notes could represent a single US wind season reinsurance or retro cover.

The proceeds from the sale of the $8.73 million of Series 2023-01A 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.

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