GWS Re Limited (Series 2026-1)

People’s Trust Insurance Company, a Florida homeowners specialist insurer, is another first-time sponsor to enter the catastrophe bond market for its debut sponsorship this year.

People’s Trust Insurance Company has established a new Bermuda based structure to issue catastrophe bonds on its behalf named GWS Re Limited, we understand.

GWS Re Limited is offering a single Series 2026-1 Class A tranche of notes to investors, initially sized at $100 million. These notes will be sold and the proceeds used to collateralize a reinsurance agreement between the issuer and People’s Trust.

The $100 million of notes will provide People’s Trust with a three-year source of fully-collateralized Florida named storm reinsurance protection, running from June this year.

The coverage from this GWS Re Series 2026-1 cat bond will be structured on an indemnity trigger and per-occurrence basis for the sponsor.

The currently $100 million of GWS Re Series 2026-1 Class A notes would attach their coverage at $195 million and exhaust it at $295 million, we are told.

The notes come with an initial attachment probability of 2.52%, an initial base expected loss of 1.88% and they are being offered to cat bond investors with price guidance for a risk interest spread in a range from 6% to 6.75%, we have been told.