Eclipse Re Ltd., the private syndicated collateralized reinsurance note platform from Horseshoe Group and Rewire Securities LLC, has issued its first tranche of private ILS or catastrophe bond notes, with a $20 million Eclipse Re Ltd. (Series 2017-01A) transaction.
ILS management, servicing, transformation and fronting specialist Horseshoe Group and boutique insurance investment banking specialists Rewire Securities launched the Eclipse Re Ltd. platform as a way for collateralized reinsurance transactions to be swiftly and easily transformed, securitized, marketed and placed with investors as private ILS or cat bond notes with secondary liquidity features.
This first issuance saw special purpose insurer and segregate accounts company Eclipse Re Ltd. issuing a $20 million single tranche of Series 2017-01A notes which are due 1st April 2019, suggesting this covers a two-year collateralized reinsurance arrangement.
The $20 million of Eclipse Re 2017-01A notes were privately placed with qualified investors, a service that will have been provided via Rewire Securities which will have acted as the bookrunner for the transaction.
Horseshoe Group also acted as the listing sponsor, the first time it has done so through its Horseshoe Corporate Services entity, with the Eclipse Re note program and Series 2017-01A notes both listed on the Bermuda Stock Exchange (BSX).
Further details are not available, due to the private nature of this ILS transaction.
The Eclipse Re platform offers an efficient alternative for cedents or investors looking for ways and platforms to issue private catastrophe bond transactions and to transform collateralized reinsurance into something more liquid and tradable.