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

Six new private cat bond issuances totalling almost $91.2 million of risk capital have come to light from Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform based in Bermuda, that is owned and operated by Artex Capital Solutions.

It’s the second group of issuances to come to light from Eclipse Re Ltd. in 2023, after two private cat bond arrangements totalling almost $18.8 million of risk capital were issued in May.

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

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

Six more transactions have now come to light, together totalling almost $91.2 million in risk capital issued and sold to cat bond investors. We’ve listed the six transactions in our extensive Deal Directory, as per the below:

All six of the series of notes issued by Eclipse Re Ltd. have due dates of June 1st 2024.

The proceeds from the sale of the almost $91.2 million of private cat bond notes that have been issued by Eclipse Re, will have been used as collateral to underpin related reinsurance or retrocession contracts, with the collateral held in trust.

We don’t know the underlying perils featured in these transactions, but Eclipse Re cat bonds tend to be property catastrophe risk focused. In addition, we do not know the type of trigger used for the coverage, or whether they offer occurrence or aggregate protection to the ceding companies the risks are transferred from.

In 2022, we listed seven Eclipse Re private cat bond issues in our Deal Directory, totalling almost $189.3 million of risk capital issued.

In 2023 so far, we now have roughly $110 million of Eclipse Re Ltd. notes listed in the Deal Directory, across 8 series of notes.

Including these new Eclipse Re issuances, the Artemis tracked total for private cat bond issuance in 2023 is just under $542 million.

That’s still running some way behind 2022, when private cat bond and private ILS deal volumes tracked in our Deal Directory reached almost $738 million for the full-year.

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.