Major insurer Zurich has returned to the catastrophe bond market with the successful issuance of $150 million in catastrophe bonds covering named storms and earthquakes in the United States through the issuance of Turicum Re 2026-1.
The Turicum Re Ltd. Series 2026-1 issuance is Zurich’s first Rule 144A natural catastrophe bond issuance since late 2012.
Turicum Re Ltd. provides additional multi-year reinsurance protection against losses caused by storms and earthquakes in the United States, forming part of Zurich’s diversified natural catastrophe risk reinsurance strategy.
Cat bonds are structured on a per-event basis and have compensation triggers. The strong risk quality of Zurich’s real estate portfolio made the offering attractive to investors, allowing Zurich to successfully complete the bond issuance at target capacity and at a price below the guidance price.
To learn more details about Turicum Re Ltd. (Series 2026-1) or other cat bonds and related ILS transactions, please visit our sister publication Artemis Transaction Directory.
Paolo Mantero, Head of Reinsurance at Zurich Group, said: “Turicum Re enables Zurich to re-establish its position and reputation in the important and growing ILS market.
“Insurance-linked securities are an established strategic source of reinsurance capacity and can provide additional flexibility and cost efficiencies that complement Zurich’s traditional reinsurance relationships.”
James Bracken, chief financial officer of Zurich North America, added: “The successful catastrophe bond issuance is the result of Zurich’s tremendous work in managing its catastrophe risk and expanding its market share in the real estate market.
“We view this as an important tool to continue to confidently provide best-in-class property protection to our commercial customers.”
