Gateway Re II Ltd

SageSure, the catastrophe exposed and coastal property managing general underwriter that has now brought eight Gateway Re catastrophe bonds to market on behalf of its underwriting entity partners, has announced the appointment of former Guy Carpenter CEO Peter Hearn to its Board of Managers.

The Chief Executive Officers (CEOs) of both SageSure and SafePort Insurance Company have highlighted strong insurance-linked securities (ILS) investor support for the recently completed Gateway Re II Ltd. (Series 2023-1) catastrophe bond, which provides SafePort and SafeChoice Insurance Company with $125 million of capital markets-backed named storm reinsurance protection.

SafePort Insurance Company and SafeChoice Insurance Company, two carriers linked to coastal property managing general underwriter SageSure, have now secured $125 million of named storm reinsurance protection with their debut Gateway Re II Ltd. (Series 2023-1) catastrophe bond.

The Gateway Re II Ltd. (Series 2023-1) catastrophe bond, that will provide its reinsurance protection to two more of the insurance carriers linked to coastal property managing general underwriter SageSure, is set to upsize to $125 million, while its pricing has tightened towards the lower-end of guidance.

We’ve learned that a new catastrophe bond has been launched that aims to provide its reinsurance protection to two more of the insurers linked to coastal property managing general underwriter SageSure, with a $100 million or greater target set for the Gateway Re II Ltd. (Series 2023-1) cat bond issuance.