Gateway Re Ltd. (Series 2024-3)

We’ve learned that the proposed up to $100 million Gateway Re Ltd. (Series 2024-3) named storm catastrophe bond issuance, to provide reinsurance to the SureChoice and Elevate reciprocal exchanges, has been cancelled and won’t be issued in response to current market conditions.

The SureChoice and Elevate reciprocal exchanges, that are linked to expansive coastal MGU SageSure, are back for what will be their third catastrophe bond of the year, seeking another up to $100 million in named storm reinsurance from a Gateway Re Ltd. (Series 2024-3) cat bond issuance.