SageSure and First-Time Cedent Auros Close Upsized $150 Million Catastrophe Bond at Low-End Pricing [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
JERSEY CITY, N.J., April 08, 2025 BUSINESS WIRE )--SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, and Auros Reciprocal Insurance Exchange ("Auros"), a policyholder-owned insurer, announced the close of the Gateway Re Series 2025-2 catastrophe bond at $150 million. With the completion of this transaction, the SageSure-supported Gateway Re franchise has secured more than $2 billion in cumulative notional limit, making SageSure one of the top five primary insurance carrier catastrophe bond sponsors in the world as of the date of this release. The series will provide multi-year named storm reinsurance protection for both Auros, a first-time cedent entering the insurance-linked securities (ILS) market, and Elevate Reciprocal Exchange ("Elevate"). At a 20 percent upsize from its initial $125 million target, the tenth issuance in the Gateway Re series is yet another strong result for the franchise, achieving price execution in the lower
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