$91.2m of new private cat bonds issued by Eclipse Re come to light

Six new private catastrophe bond issuances totaling nearly $91.2 million in venture capital have been revealed by Eclipse Re Ltd., a private syndicated reinsurance, private catastrophe bond issuance and reinsurance transformation platform based in Bermuda, owned and operated by Artex Capital. Solutions.

This is the second group of issues from Eclipse Re Ltd. in 2023, after two private catastrophe bond deals totaling nearly $18.8 million in venture capital were issued in May.

Eclipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and separate accounts company.

The vehicle is managed by Artex Capital Solutions, an insurance-linked securities (ILS) market facilitator and service provider, and is primarily used by ILS fund managers, with Fermat Capital Management being one of the names linked to the use of the structure in recent years.

Six more deals have now been revealed, totaling nearly $91.2 million in venture capital issued and sold to cat bond investors. We have listed all six transactions in our extensive transaction directory, as shown below:

The six series of notes issued by Eclipse Re Ltd. have due dates set for June 1, 2024.

Proceeds from the sale of nearly $91.2 million of private catalytic bonds issued by Eclipse Re will have been used as collateral to support associated reinsurance or retrocession contracts, with the collateral held in trust.

We don’t know the underlying perils presented in these transactions, but Eclipse Re catalytic bonds tend to be focused on real estate catastrophe risk. Additionally, we do not know the type of trigger used for hedging, or whether they provide upon-occurrence protection or blanket protection to the cedants from whom the risks are transferred.

In 2022, we have listed seven Eclipse Re private catalytic bond issues in our Deal Directorytotaling nearly $189.3 million in venture capital issued.

So far in 2023, we now have approximately $110 million worth of Eclipse Re Ltd notes. listed in the transaction directory, divided into 8 series of tickets.

Including these new shows from Eclipse Re, the total tracked by Artemis for private issuance of catastrophe bonds in 2023 is just under $542 million.

This is still far behind 2022, when Trading volumes of private catalytic bonds and private ILSs tracked in our trading directory reached nearly $738 million for the full year..

Analyze private catastrophe bond issuance by year using our interactive chart.

You can view details of each private catalytic bond we have tracked by filtering our deal directory to see only private ILS deals.