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SageSure, a prominent managing general underwriter specializing in catastrophe-exposed property insurance, has recently secured a groundbreaking $150 million catastrophe bond through its Gateway Re Ltd. (Series 2025-2) transaction. This significant issuance not only marks a major milestone for SageSure but also underscores the robust support from the insurance-linked securities (ILS) investor community. The deal, initially targeted at $125 million, was upsized by 20% to provide $150 million in named storm reinsurance protection across key states in the U.S., highlighting investor confidence in the Gateway Re series.
SageSure has been a trailblazer in the catastrophe-exposed insurance market since its inception in 2009. As a leading managing general underwriter (MGU), SageSure offers over 110 competitively priced insurance products across 16 coastal states, serving more than 815,000 policyholders, and managing an in-force premium exceeding $2.3 billion. The company's expertise in sophisticated risk modeling and scoring technology has positioned it as a key player in the insurance-linked securities (ILS) arena.
The Gateway Re series, supported by SageSure, has been instrumental in providing reinsurance protection against named storms in U.S. coastal regions. This series has seen substantial growth, with recent transactions showcasing strong market support for SageSure's catastrophe risk management strategies.
The Gateway Re 2025-2 Class A notes are designed to offer comprehensive named storm reinsurance coverage to the Aurous and Elevate reciprocal exchanges. Here are some of the key features of this transaction:
Coverage Area: Initially, the bond will provide protection for states including Louisiana, Mississippi, South Carolina, and Texas. There is flexibility to expand coverage to additional states at reset.
Term and Structure: The catastrophe bond will run for a term of three years, from July 2025 to June 2028, on an indemnity trigger and per-occurrence basis.
Spread and Pricing: The notes were finalized at a spread of 7%, which falls within the lower half of the initially offered range of 6.75% to 7.5%. This pricing indicates strong investor appetite and competitive terms.
Partnerships: The transaction was facilitated solely by Swiss Re Capital Markets as the structuring agent and bookrunner, further highlighting the trusted partnership SageSure enjoys with major reinsurance entities.
This upsized transaction is a testament to SageSure's reputation as a reliable and efficient issuer of catastrophe bonds. The deal reinforces SageSure's position among the top five primary insurance carriers sponsoring catastrophe bonds globally. By securing over $2 billion in cumulative notional limit, SageSure demonstrates its commitment to providing robust reinsurance protection to its carrier partners.
Terrence McLean, President and CEO of SageSure, expressed gratitude towards the ILS community for their continued support, stating, "SageSure is grateful for the ILS community’s continued confidence in this series that has enabled meaningful protection and growth for our carrier partners… SageSure’s position as a leading cat bond sponsor emphasizes our commitment to our carrier partners’ stability—a multi-year, diversified reinsurance program ensures both carriers and policyholders are well protected"[1][4].
The Gateway Re 2025-2 deal marks significant developments for SageSure and its partners:
This catastrophe bond issuance has several implications for the broader insurance and reinsurance sector:
Investor Confidence: The upsizing and competitive pricing of the Gateway Re 2025-2 bond reflect strong investor confidence in SageSure's risk management capabilities and the resilience of the Gateway Re series.
Diversification and Growth: The success of this deal points to the growing importance of catastrophe bonds as a vital component of reinsurance strategies. It also underscores SageSure's ability to attract capital to support its expansion in catastrophe-exposed markets.
Partnerships and Collaborations: The partnership between SageSure and Swiss Re Capital Markets, along with the involvement of new participants like Auros, reinforces the collaborative nature of the ILS market. Such partnerships are crucial for innovation and growth in insurance-linked securities.
The recent transaction highlights several trends in the catastrophe bond and ILS markets:
Increasing Volume: The rise of catastrophe bonds, particularly from entities like SageSure, indicates an increase in the volume of issuances. This trend reflects growing demand for diversified reinsurance coverage and the ability of the ILS market to absorb and manage catastrophe risk effectively.
Strong Investor Appetite: The successful pricing and upsizing of the Gateway Re 2025-2 bond demonstrate strong investor appetite for ILS investments. This appetite is driven by both the yield and the diversification benefits that catastrophe bonds offer.
Expansion of Coverage: The flexibility to add more states to the coverage area at reset highlights the evolving nature of catastrophe risk management, where adaptability and expansion are key strategies for managing exposures in new regions.
SageSure's achievement with the Gateway Re 2025-2 catastrophe bond marks a significant milestone for both the company and the broader ILS industry. By securing substantial reinsurance coverage at attractive pricing, SageSure reinforces its position as a leader in catastrophe-exposed markets and underscores the critical role of the ILS community in supporting innovative risk management strategies. As the landscape of catastrophe risk continues to evolve, the success of transactions like these will be pivotal in shaping the future of reinsurance and insurance-linked securities.
