SureChoice Underwriter Reciprocal Exchange (SURE), whose policies are available through US-based residential property managing general underwriter SageSure, has closed a $150m private placement catastrophe bond transaction.
The transaction was announced with an initial target of $150m and was oversubscribed, closing at the target $150m.
Swiss Re Capital Markets and TigerRisk Capital Markets & Advisory acted as joint structuring agents and joint bookrunners on the transaction.
SageSure is a managing general underwriter specialising in coastal residential and commercial property markets.
SURE entered into a three-year reinsurance arrangement with Gateway Re, a newly established Bermuda special purpose insurer, which will provide SURE with indemnity-based hurricane and named storm protection in Alabama, Louisiana, Mississippi, and Texas across three full Atlantic hurricane seasons
Ed Konar, president of SURE, said, “Our catastrophe bond is an essential part of our reinsurance structure and complements a tower backed by industry-leading reinsurers. We are proud to have successfully sponsored our first catastrophe bond that protects our business, backs our strategic growth in coastal markets, and demonstrates strong investor support for our mission.”
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