Gateway Re Ltd. (Series 2023-2)

The recently completed sponsorship of its debut second and subsequent event focused catastrophe bond, the $100 million Gateway Re Ltd. (Series 2023-2) deal, is a “necessary layer of additional protection during the 2023 Atlantic hurricane season,” SURE President Ed Konar has explained, while Swiss Re’s Jean-Louis Monnier said it represents efficient reinstatement capacity.

Coastal property managing general underwriter SageSure’s latest catastrophe bond, the Gateway Re Ltd. (Series 2023-2) deal, has now been finalised to provide an upsized $100 million of reinsurance for the SureChoice and Elevate reciprocal exchanges, while the notes priced below the initial guidance, we’re told.

The target size has been lifted to $100 million for coastal property managing general underwriter SageSure’s latest catastrophe bond, with the Gateway Re Ltd. (Series 2023-2) cat bond now positioned to provide a larger than originally cited slice of reinsurance for the SureChoice and Elevate reciprocal exchanges.

A third catastrophe bond of the year  to benefit underwriting entities linked to coastal property managing general underwriter SageSure has now been launched to investors, with a $75 million Gateway Re Ltd. (Series 2023-2) cat bond sought for the SureChoice and Elevate reciprocal exchanges.