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$20m private cat bond issued by Eclipse Re vehicle


Eclipse Re Ltd., the special purpose insurer and segregated accounts company that had been launched originally by Horseshoe Group and Rewire Securities LLC has issued its first tranche of private catastrophe bond notes for 2019, Eclipse Re Ltd. (Series 2019-01A).

EclipseWith Rewire Securities no longer operating as a broker-dealer, after the team joined with Vida to create insurance-linked securities (ILS) fund manager Merion Square Capital LLC, it’s assumed this transaction has been facilitated solely by Horseshoe this time around.

This suggests the Eclipse Re platform will continue to exist as a private cat bond issuer, enabling efficient access to reinsurance capital for cedants and securitized risk for investors, despite the fact Rewire Securities had said it would stop originating and distributing ILS transactions on an agency basis after the creation of Merion Square.

For its first issuance of 2019, Eclipse Re Ltd. has issued a single $20 million tranche of private catastrophe bond notes, which will have been sold to investors and the proceeds used as collateral to underpin certain reinsurance or retrocession contracts.

The $20 million Eclipse Re Ltd. (Series 2019-01A) transaction saw special purpose insurer Eclipse Re Ltd. issuing one tranche of Series 2019-01A notes sized at $20 million, with the notes having a due date of April 1st 2020.

As a result, it’s assumed these notes represent a one-year reinsurance or retrocession contract underwritten at the April renewal.

The tranche of notes represents a single segregated account of the Eclipse Re vehicle and the notes have been admitted for listing on the Bermuda Stock Exchange (BSX) as insurance related securities.

Horseshoe Group itself acted as the listing sponsor for the notes, through its Horseshoe Corporate Services Limited entity.

Further details are not available on the underlying risks and reinsurance contract behind this latest private cat bond deal.

It’s good to see Eclipse Re is set to continue operating a private cat bond issuer, even after the switch to the investment side of the market by Rewire.

The Eclipse Re Ltd. platform was launched in 2017 to offer collateralized reinsurance providers a way to transform, securitize, market and place transactions with investors as private ILS or cat bond notes with secondary liquidity features.

We’ve added this Eclipse Re Ltd. (Series 2019-01A) private catastrophe bond to the Artemis Deal Directory.


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