SageSure and SURE Close $250 Million Catastrophe Bond at a 67% Upsize [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
HOUSTON, March 27, 2024 BUSINESS WIRE SageSure , one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange ("SURE") , a policyholder-owned reciprocal exchange, today announced the close of the Gateway Re 2024-1 catastrophe bond at $250 million, a 67 percent upsize from the midpoint of its initial $100-$200 million target range. With pricing of Class AA and Class A notes falling 20 percent and 17 percent below the initial mid-point guidance respectively, the execution for the Gateway Re Series 2024-1 catastrophe bond was particularly strong, signaling continued support for SageSure and its underwriting partners from the global insurance-linked securities (ILS) market. "Since 2022, capital markets have played a key role in SURE's reinsurance program," said Ed Konar, President of SURE. "The latest Gateway Re catastrophe bond issuance further bolsters SURE's multi-year named storm reinsurance protection, a
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