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  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

SageSure and SURE Secure $520 Million Catastrophe Bond, Largest Gateway Re Issuance to Date

Ninth catastrophe bond issuance in the SageSure-supported Gateway Re series is structured to provide broad coverage for SURE and SafeChoice Insurance Company.

SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a policyholder-owned reciprocal exchange, today announced the close of the Gateway Re Series 2025-1 catastrophe bond at $520 million, the franchise’s largest issuance to date.

At a nearly 27 percent upsize from its initial $410 million target, the ninth issuance in the Gateway Re series achieved pricing approximately 10% lower than the midpoint of its initial target, signaling strong investor appetite.

After first entering the insurance-linked securities (ILS) market in 2022, SageSure has since become one of the top primary cat bond sponsors in the US. With the close of this transaction, the SageSure-supported Gateway Re franchise has secured more than $1.7 billion in cumulative notional limit to date.

“SageSure is proud to support its carrier partners in securing the largest catastrophe bond in the history of the Gateway Re series,” said Terrence McLean, President and CEO of SageSure. “We are grateful for the continued investor confidence in our programs, which enables underwriting capacity where producers and policyholders need it most.”

The Gateway Re 2025-1 issuance is the first in the series to combine first event limit in the first three tranches and second event limit in the other two tranches. All five classes of notes will provide SageSure’s carrier partners SURE and SafeChoice Insurance Company with US named storm reinsurance protection.

“We are excited to see the ILS community’s support for the Gateway Re series,” said Ed Konar, President of SURE. “This diversified reinsurance protection positions SURE to operate in challenging markets and deliver more solutions to coastal property owners.”

Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the Gateway Re 2025-1 issuance.

“We are proud to collaborate with SageSure and SURE on the successful ninth issuance of the Gateway Re vehicles,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets. “The superior execution of this transaction in both price and size is a testament to the strength of SageSure's ILS franchise.”

About SageSure

SageSure is the managing general agent specializing in catastrophe-exposed residential and commercial property insurance. SageSure offers more than 110 competitively priced insurance products in 16 coastal states on behalf of its carrier partners, serves more than 815,000 policyholders, and has more than $2.3 billion of inforce premium. Since its launch in 2009, SageSure has been pioneering property insurance through its market-leading online quoting and binding platform and its sophisticated risk modeling and scoring technology. For more information, visit sagesure.com.

About SURE

SURE is the member-owned insurance company for reliable coastal property protection. Managed by a team of experienced and passionate insurance leaders who believe in building a safer world one coastal property at a time, SURE has grown rapidly to meet the needs of challenging markets while prudently managing exposure. As the first Texas-domiciled reciprocal since 2004, SURE is customer-focused by design and offers homeowners, dwelling fire, flood, and commercial coverage through an exclusive partnership with SageSure. SURE is rated A, Exceptional, by Demotech, Inc., has more than 330,000 policyholders and more than $1 billion of inforce premium to date. To learn more, visit sureins.com.

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