The latest from SageSure, as a busy week gets even busier.
SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, have announced the close of the Gateway Re 2024-2 second and subsequent event catastrophe bond at $130 million, with pricing 75 bps tighter than the mid-point of the initial price guidance.
With this latest transaction, SageSure-supported catastrophe bonds issued by Gateway Re represent $1.16 billion in risk capital.
The issuance marks SURE’s second successful visit to the global insurance-linked securities (ILS) market this year, following the recently closed $250 million Gateway Re Series 2024-1 catastrophe bond. The 2024-2 notes provide second and subsequent event loss protection for both SURE and SageSure’s other affiliated reciprocal exchange Elevate through the end of the 2024 Atlantic hurricane season.
“We are grateful for the continued support we see from capital markets,” said Ed Konar, President of SURE. “This issuance provides an additional layer of named-storm protection during this year’s hurricane season, enabling SURE to protect more property owners in catastrophe-exposed regions.”
After announcing a notional range of $100 to $130 million, SURE was able to secure its full target limit of $130 million, signaling strong ILS support for SageSure and its underwriting partners.
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