One Alliance North America Insurance Company (formerly known as Universal North America Insurance Company) has entered the catastrophe bond market through its new Bermuda-based special purpose insurance company, One Shield Re Ltd.
One Shield Re issued $115 million of 2026-1 Series A Class A notes, providing three years of fully collateralized reinsurance capacity covering specified storm and wildfire risks in key risk areas.
Covered states include Florida, Georgia, Hawaii, North Carolina, South Carolina and Texas for storm risk, and California for wildfire risk.
One Shield Re aims to diversify One Alliance North America’s sources of reinsurance capacity by establishing a long-term platform for collateralized reinsurance backed by capital markets.
This move strengthens the organization’s ability to provide long-term financial protection and assurance to the policyholders and communities it supports.
Miguel Barrales, President of One Alliance North America, commented: “This month marks a special milestone for One Alliance North America as we celebrate 22 years of doing business in Florida, a journey that has grown us from a single-state carrier to a strong multi-region insurance company.
“As we continue to grow our portfolio and keep our policyholders and insurance agency partners at the forefront of everything we do, we are proud to make our capital markets debut with our first-ever catastrophe bond. This transaction expands our ability to obtain multi-year reinsurance in an efficient, affordable and scalable manner, supporting our ability to provide consistent, long-term protection to those who rely on us.”
The initial issuance of Series 2026-1 Notes has an initial issuance of $100 million and introduces a new risk and regional mix to the 144A catastrophe bond market in a single transaction.
The offering was enthusiastically received, allowing for a 15% increase in deal size based on investor demand, and was priced within initial guidance. Lockton Re Capital Markets acted as the exclusive structuring agent and exclusive bookrunner for the transaction.
“It is an honor to partner with One Alliance North America on the first-ever catastrophe bond issuance,” said Zach Breslin, head of capital markets at Lockton Re. “Their ability to clearly communicate underwriting strategy and performance was key to driving the success of the first transaction and establishing One Shield Re as an additional, scalable source of capital for the future. We are proud to support their entry into the 144A market.”
“We are extremely grateful to the capital markets for the strong response to our initial offering and to investors for their confidence in what we do and how we do it,” Barales added. “This achievement would not have been possible without the support, guidance and expertise of Lockton Re Capital Markets and the Lockton Re team, whose collaboration has been instrumental throughout the process. Together, we have taken an important step to strengthen our long-term resiliency and are committed to providing financial protection and peace of mind to our policyholders.”
To learn more details about One Shield Re (Series 2026-1) or other cat bonds and related ILS transactions, please visit our sister publication Artemis’ Deal Directory.
