SageSure, the specialist independent managing general underwriter of property catastrophe exposed insurance, has now procured over $1 billion in catastrophe bond backed reinsurance coverage for its underwriting partners, with the completion of the most recent $250 million Gateway Re Ltd. (Series 2024-1) issuance.
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The SageSure linked SureChoice and Elevate reciprocal exchanges have now secured the upsized target of $250 million of capital markets backed named storm reinsurance from their latest catastrophe bond, while the Gateway Re Ltd. (Series 2024-1) issuance has also priced at the low-ends of already reduced guidance.
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The target size for the Gateway Re Ltd. (Series 2024-1) catastrophe bond issuance that will benefit the SageSure linked SureChoice and Elevate reciprocal exchanges has now been increased, with up to $250 million of capital markets backed reinsurance now targeted from the deal.
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The SureChoice and Elevate reciprocal exchanges are set to benefit from additional named storm reinsurance protection via a new catastrophe bond, as coastal property managing general underwriter SageSure is back in the market with an up to $200 million Gateway Re Ltd. (Series 2024-1) issuance.
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