4 weeks ago
4
We’ve learned of another private catastrophe bond transaction brought to market through the Artex Capital Solutions managed Eclipse Re Ltd. vehicle, with a $5 million Eclipse Re Ltd. (Series 2024-8A) now the eighth private or cat bond lite issuance from this structure in 2024 so far.
Total risk capital issued through Eclipse Re Ltd. that we have been able to track so far in 2024 has now reached almost $184.4 million.
That makes Eclipse Re the most prolific private cat bond issuance platform of the year so far, running slightly behind the almost $210 million of issuance across nine cat bond lites the platform issued in 2023.
You can view details about every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.
As ever with these private insurance-linked securities (ILS) deals having limited information available, we make the assumption it will provide coverage for property catastrophe reinsurance or retrocessional risks for unknown cedents.
Eclipse Re Ltd. has issued a $5 million tranche of Eclipse Re Ltd. (Series 2024-8A) notes, which now means we have 2024-1A through 2024-8A listed in our Deal Directory.
The $5 million of Series 2024-8A notes have been issued on behalf of Eclipse Re’s Segregated Account EC68 and the notes have a final maturity date of May 31st 2025.
Given the maturity date, we expect the $5 million of Series 2024-8A notes represent the securitization of a one year or less duration reinsurance or retrocession arrangement by Eclipse Re, potentially a transaction from around the mid-year renewals that has taken some time to come to light.
The notes issued by Eclipse Re have been privately placed with qualified investors and listed on the Bermuda Stock Exchange (BSX).
As ever, we assume the issuance features a reinsurance or retrocession arrangement that has been transformed using the Eclipse Re structure, to create and issue a series of investable, securitized catastrophe bond notes, typically for an ILS fund manager or investor portfolio.
We don’t know the underlying trigger(s) or peril(s) for these private catastrophe bonds, but assume they will be some kind of property catastrophe related risk.
The proceeds from the sale of the $5 million of private cat bond notes from this 2024-8A series issued by Eclipse Re will have been used to collateralize a related reinsurance or retrocession contract, with funds held in a trust, enabling the risk transfer and the creation of investable catastrophe-linked securities.
Including this new private cat bond from Eclipse Re, private catastrophe bond issuance across all structures tracked year-to-date by Artemis in 2024 has now reached just under $417 million.
As a result, with $210 million of Eclipse Re issuances, that platform is responsible for just over half of the cat bond lite deals we’ve seen so far this year.
You can analyse private cat bond issuance by year through accessing this chart, where you can split our tracked catastrophe bond and related ILS issuance by type of arrangement, using the key.
Analyse private catastrophe bond issuance by year using our interactive chart.
You can view details of every private cat bond we’ve tracked by filtering our Deal Directory to see private ILS transactions only.
All of our catastrophe bond market charts and visualisations are up-to-date and include data on new cat bond transactions as they settle.
English (US) ·