Eclipse Re Ltd. (Series 2026-1A)

This is the first issuance of privately placed catastrophe bond notes that we have seen from the Eclipse Re Ltd. private insurance-linked securities (ILS) and collateralized reinsurance transformer and issuance platform in 2026 so far.

clipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and segregated account company that operates as a private insurance-linked securities (ILS) and collateralized reinsurance transformer and issuance platform.

The structure is owned and operated by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.

This first Eclipse Re private cat bond from the platform in 2026, saw the structure issuing a $100 million tranche of Series 2026-1A notes, that we presume will cover some type of property catastrophe reinsurance or retrocessional perils for an unknown cedent. We also do not have any details on the trigger type, risk metrics or pricing, as is typical with these private cat bonds.

The $100 million of Series 2026-1A notes have been issued on behalf of Eclipse Re’s Segregated Account EC0078 and the notes have a final maturity date of December 31st 2027.

The maturity date is further out than with many private cat bonds, so it’s assumed that the $100 million of Series 2026-1A notes are a securitization of greater than one year duration reinsurance or retrocession arrangement by Eclipse Re.

The $100 million of Series 2026-1A notes issued by Eclipse Re have been privately placed with qualified investors and listed on the Bermuda Stock Exchange (BSX).

We make the assumption this private cat bond features a reinsurance or retrocession arrangement, likely covering property catastrophe risks, that has been transformed using the Eclipse Re structure, to create and issue a series of investable, securitized cat bond notes, normally for an ILS fund manager or investor’s portfolio.

The proceeds from the sale of the $100 million of private cat bond notes from this 2026-1A series of private ILS notes issued by Eclipse Re are expected to have been used to collateralize a related reinsurance or retrocession contract, with funds held in a trust.