SageSure, a major managing general underwriter focused on catastrophe-exposed markets, and its partners Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange have announced the closure of a $100 million Gateway Re Series 2025-3 catastrophe bond. The issuance was completed in nearly half the typical timeline. This transaction contributes to SageSure's position as the seventh largest catastrophe bond sponsor globally by total notional outstanding.
The recent issuance follows Auros' inaugural catastrophe bond deal in April and has achieved strong execution with reduced price guidance. Terrence McLean, President and CEO of SageSure, stated, “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.”
The Class A notes from Gateway Re 2025-3 will offer protection for Auros and Elevate during a single hurricane season in Louisiana, Mississippi, South Carolina, and Texas. Travis Lewis, CEO of Auros Risk Management said they are "honored to partner with SageSure" to enhance their program's protection. Ed Konar, President of Elevate Risk Management also noted the positive investor response.
Swiss Re Capital Markets served as the sole structuring agent and bookrunner for this transaction. Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation commented on their partnership with SageSure: “The overwhelming support from investors...is a testament to the trust that investors have in SageSure’s differentiated approach.”
SageSure operates across 16 states in the US protecting over 850,000 policyholders while managing more than $2.5 billion in force premium.
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