SageSure, a general underwriter (MGU) specializing in U.S. catastrophe property insurance, and GeoVera Nova, a provider of earthquake, wind, residential and commercial property insurance, announced the completion of the issuance of the first tranche of Meritage Re Ltd. Series 2026-1 catastrophe bonds in the amount of $200 million.
This is the first offering from Meritage Re, a newly formed Bermuda special purpose vehicle. At the same time, this is also the first U.S.-named Storm Cat bond for the three sub-subsidiaries supervised by GeoVera Nova.
The catastrophe bond is designed to provide SageSure’s carrier partners (GeoVera Insurance Company, GeoVera Specialty Insurance Company and Safeport Insurance Company) with three-year protection against certain specified storm losses within the United States.
You can read more about Meritage Re Ltd. Series 2026-1 Cat Bonds, as well as all other bonds, in our sister publication Artemis’ trade directory.
John Forney, president and CEO of GeoVera Nova, said: “We are grateful for the strong investor response to the initial Meritage Re issuance. This catastrophe bond supports the growth of GeoVera Nova insurance companies to meet the continued demand for our differentiated solutions.”
Adding: “By leveraging capital markets for hurricane protection, we are further diversifying our reinsurance program and strengthening our ability to provide stable, reliable capabilities in disaster-prone regions.”
Terry McLean, President and CEO of SageSure, commented: “We are pleased to see the ILS market’s confidence in the GeoVera Nova and SageSure partnership. The capital markets continue to increase the resiliency of our projects and help our operator partners achieve long-term stability and success.”
The sole structuring agent and bookrunner for the transaction is Swiss Re Capital Markets.
“Strong investor interest in the Meritage Re offering resulted in pricing well below initial guidance,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets. “This transaction highlights the market’s recognition of the quality of GeoVera Nova’s portfolio and confidence in the SageSure underwriting and claims processing platform.”