Eclipse Re Ltd. (Series 2023-6A) – Full details:
This is the sixth issuance of privately placed insurance-linked securities (ILS) notes from private catastrophe bond transformer and issuance platform Eclipse Re Ltd. in 2023, that we have listed in our extensive Deal Directory.
Eclipse Re Ltd. is a Bermudian special purpose insurer (SPI) and segregated account company owned and managed by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.
Eclipse Re is normally used as a risk transformer vehicle for ILS fund managers and investors, converting collateralized reinsurance or retrocession arrangements into something more like a catastrophe bond, so fully securitized and with secondary transferability features.
This new issuance is assumed to represent a reinsurance or retrocession transaction that has been transformed using the Eclipse Re vehicle, in order to create and issue a series of investable, securitized catastrophe bond notes, typically for an ILS fund manager or investor portfolio.
Eclipse Re Ltd. has issued $10 million of Series 2023-06A notes, on behalf of its Segregated Account EC56, with these notes having a final maturity date, of June 1st 2024.
We don’t have visibility of the trigger or peril featured in this private catastrophe bond deal, but assume they will be some kind of property catastrophe reinsurance or retrocession risk.
The proceeds from the sale of the roughly $10 million of Series 2023-06A 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, enabling the risk transfer and the creation of investable catastrophe-linked securities.
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