The latest from the USA;
SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, and its carrier partners Auros Reciprocal Insurance Exchange (“Auros”) and Elevate Reciprocal Exchange (“Elevate”) announced the close of the Gateway Re Series 2025-3 catastrophe bond at $100 million in nearly half the typical placement timeline. With more than $2.1 billion in cumulative notional limit including this issuance, the SageSure-supported Gateway Re series has secured SageSure’s spot as the seventh top catastrophe bond sponsor in the world as of this date in terms of total notional outstanding.
Following Auros’ inaugural catastrophe bond deal in April, the latest issuance achieved strong execution with lowered and narrowed price guidance, indicating investor confidence in the Gateway Re franchise.
“SageSure’s position as one of the leading global catastrophe bond sponsors demonstrates the strategic role of ILS markets in our carrier partners’ reinsurance programs,” said Terrence McLean, President and CEO of SageSure. “We are grateful for the investor support that enables greater protection against peak perils and greater capacity in the catastrophe-exposed states we serve.”
The Gateway Re 2025-3 Class A notes will provide protection across a single hurricane season for cedants Auros and Elevate in Louisiana, Mississippi, South Carolina, and Texas.
“Auros is honored to partner with SageSure to strengthen the protection of our programs and our policyholders,” said Travis Lewis, CEO of Auros Risk Management. “We are grateful for the ILS market’s confidence and look forward to the responsible growth this issuance will support.”
Ed Konar, President of Elevate Risk Management, added, “We are excited by the positive response from the investor community to this catastrophe bond placement. Capital markets continue to enhance the resilience of our reinsurance program.”
As with previous Gateway Re transactions, Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the transaction.
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