SageSure, a managed general underwriter (MGU) specializing in U.S. catastrophe properties, and SureChoice Underwriters Reciprocal Exchange (SURE), a member-owned mutual exchange, have successfully completed Gateway Re Ltd. Series 2026-1 Cat Bonds.
The deal closed for $670 million in original principal, making it the franchise’s largest offering to date.
This landmark transaction makes SageSure the third largest sponsor of catastrophe bonds in the world, according to Artemis Rankings.
The Series 2026-1 offering consists of five tranches, all priced within the initial guidance range, demonstrating strong investor confidence in the Gateway Re Series.
With the closing of this transaction, SageSure-backed franchisees now have $3.1 billion in outstanding notional limits.
The Gateway Re 2026-1 Cat Bond marks a significant expansion of the franchise’s risk base and builds on the success of the $520 million Gateway Re Series 2025-1 issuance.
While the 2025-1 bonds have provided basic named storm coverage since their launch last year, the new 2026-1 bond offering expands coverage to include earthquakes, severe thunderstorms, winter storms and wildfires.
This expanded protection applies to all states that qualify for SURE, Elevate Reciprocal Exchange and SafeChoice Insurance Company.
“We are grateful to our investors for their strong support of the Gateway Re Series. This offering demonstrates the important role of capital markets in supporting our growth within our broader reinsurance strategy,” said Ed Konar, President of SURE. “We look forward to working with SageSure to expand our program and bring stable capacity to more disaster-struck communities.”
Terrence McLean, President and CEO of SageSure, added: “SageSure is proud to be an advocate for the expansion of the ILS and catastrophe bond markets. This $670 million in capacity is not only the largest in our program’s history, but also signals that the Gateway Re franchise has become a cornerstone of the global ILS market. SageSure will continue to innovate in the ILS and catastrophe bond markets so that we can bring the most competitive products to market.”
Swiss Re Capital Markets acted as exclusive structuring agent and bookrunner for the transaction.
“This transaction marks an important milestone for the Gateway Re franchise,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets. “The scale of this transaction, coupled with the successful inclusion of secondary risks across different risk layers, further demonstrates investor appreciation for SageSure’s transparency and underwriting discipline and positions ILS as a core component of its reinsurance strategy.”
For more information on Gateway Re Ltd. Series 2026-1 Cat Bonds and hundreds of other transactions, visit the Artemis Transaction Directory.