Gateway Re Ltd

Having completed its new Gateway Re Ltd. (Series 2023-1) catastrophe bond transaction at a 78% upsized $355 million, coastal property insurance underwriting group SageSure, its SureChoice Underwriters Reciprocal Exchange (SURE) and facilitator Swiss Re have all hailed the fact this is the largest cat bond deal since hurricane Ian struck.

Coastal property insurance underwriter SURE appears to have been very well-received in the catastrophe bond market for its second issuance, upsizing its proposed $200 million Gateway Re Ltd. (Series 2023-1) transaction by roughly 78%, to secure $355 million of named storm reinsurance protection from the capital markets.

Coastal property insurance underwriter SURE has returned to the catastrophe bond market for a second time, seeking to secure $200 million or more in expanded US named storm reinsurance from a new Gateway Re Ltd. (Series 2023-1) transaction.

The recently completed $150 million Gateway Re Ltd. (Series 2022-1) debut catastrophe bond transaction from SURE, or the SureChoice Underwriters Reciprocal Exchange, is seen as an “essential” piece of the reinsurance tower and a complement to traditional coverage, according to SURE President Ed Konar.

The first catastrophe bond to be sponsored by coastal property insurance underwriter SURE, or the SureChoice Underwriters Reciprocal Exchange, has now been priced and the company secured its initial target for $150 million of reinsurance from the Gateway Re Ltd. (Series 2022-1) transaction, but the coupon moved to the upper-end of guidance.

Coastal property insurance underwriter SURE, or the SureChoice Underwriters Reciprocal Exchange, is seeking its debut catastrophe bond, with a new $150 million US wind focused Gateway Re Ltd. (Series 2022-1) transaction now launched to investors.