Jersey City-based SageSure, one of the biggest managing general underwriters in the U.S. focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (SURE), a member-owned reciprocal exchange, announced the successful close of the Gateway Re Ltd. Series 2026-1 catastrophe bond at an original principal amount of $670 million, the franchise’s largest issuance to date.
All five tranches priced within initial guidance, signaling strong investor trust in the Gateway Re series.
With the close of this transaction, SageSure-supported franchises have $3.1 billion in outstanding notional limit, solidifying its place as the third-largest catastrophe bond sponsor in the world.
“SageSure is proud to be a champion of the expansion of ILS and the cat bond market,” said Terrence McLean, president and CEO of SageSure. “This $670 million in capacity is not only the largest in our program’s history but also a signal that the Gateway Re franchise has become a cornerstone of the global ILS market.
“SageSure will continue to innovate in the ILS and cat bond markets so that we can bring the most competitive products to market.”
Building on the $520 million Gateway Re Series 2025-1 catastrophe bond, which has provided valuable named storm coverage since risk inception last year, the Gateway Re 2026-1 issuance is the first to significantly broaden the franchise’s peril base.
In addition to named storms, it provides coverage for earthquakes, severe thunderstorms, winter storms and wildfires across all eligible states for SURE, Elevate Reciprocal Exchange and SafeChoice Insurance Company.
“We are grateful for the strong investor support for the Gateway Re series,” said Ed Konar, president of SURE. “This issuance exemplifies the important role of capital markets within our broader reinsurance strategy to support our growth.
“We look forward to expanding our programs with SageSure to bring stable capacity to more catastrophe-exposed communities.”
Swiss Re Capital Markets Corporation was the sole structuring agent and bookrunner for the transaction.
