Global reinsurance brokerage and advisory firm Gallagher Re has backed OAK Global in its first entry into the insurance-linked securities (ILS) market through its Bermuda-based platform Arthur Re Ltd., which aims to simplify the issuance of indexed catastrophe bonds by reducing costs and time to market.
OAK Global, a global risk partner underwritten through two dedicated syndicates of Lloyd’s, recently guaranteed its first catastrophe bond issuance through the issuance of $150 million of Quercian Re 2026-1 bonds.
The Quercian Re 2026-1 note provides three years of comprehensive annual protection against storms, earthquakes and U.S. wildfire events in the United States and Canada.
The transaction provides fully collateralized retrocession reinsurance protection to Lloyd’s OAK Reinsurance Syndicate 2843, strengthening its underwriting portfolio with diversified capital markets capabilities.
The transaction was executed through Arthur Re, a Bermuda-based separate account firm designed to simplify and increase the efficiency of the issuance of sponsor index-triggered catastrophe bonds, thereby shortening time to market and reducing transaction costs.
Jason Bolding, Global CEO of Gallagher Securities, commented: “Quercian Re 2026-1 demonstrates Arthur Re’s strength as a platform for delivering faster and more efficient indexed catastrophe bond issuance, enhancing the way we connect clients to capital markets.”
Paddy Ellis, global head of retrocession at Gallagher Re, added: “This transaction highlights Gallagher Re’s product agnostic approach to integrating innovative retrocession solutions such as Arthur Re’s and sourcing the most appropriate and cost-effective capital for our clients.”
