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Editorial Advisory Board

  • 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 First-Time Cedent Auros Close Upsized $150 Million Catastrophe Bond at Low-End Pricing

With the tenth catastrophe bond issuance in the SageSure-supported Gateway Re series, SageSure becomes one of the top five primary catastrophe bond sponsors globally.

SageSure, one of the largest managing general underwriters focused on catastrophe-exposed markets, and Auros Reciprocal Insurance Exchange (“Auros”), a policyholder-owned insurer, announced the close of the Gateway Re Series 2025-2 catastrophe bond at $150 million. With the completion of this transaction, the SageSure-supported Gateway Re franchise has secured more than $2 billion in cumulative notional limit, making SageSure one of the top five primary insurance carrier catastrophe bond sponsors in the world as of the date of this release.

The series will provide multi-year named storm reinsurance protection for both Auros, a first-time cedent entering the insurance-linked securities (ILS) market, and Elevate Reciprocal Exchange (“Elevate”). At a 20 percent upsize from its initial $125 million target, the tenth issuance in the Gateway Re series is yet another strong result for the franchise, achieving price execution in the lower half of its initial target.

“SageSure is grateful for the ILS community’s continued confidence in this series that has enabled meaningful protection and growth for our carrier partners,” said Terrence McLean, President and CEO of SageSure. “SageSure’s position as a leading cat bond sponsor emphasizes our commitment to our carrier partners’ stability—a multi-year, diversified reinsurance program ensures both carriers and policyholders are well protected.”

The Gateway Re 2025-2 Class A notes will provide US named storm protection across a three-year term in Louisiana, Mississippi, South Carolina, and Texas, with the ability to add more states at reset.

“Auros is delighted by the strong investor support for our mission to protect coastal property owners,” said Ed Konar, President of Auros Risk Management. “This issuance marks a significant milestone in Auros’ partnership with SageSure, one that will drive our strategic expansion in catastrophe-exposed markets.”

As with previous Gateway Re issuances, Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the transaction.

“We are proud to collaborate with SageSure and Auros to successfully bring the tenth Gateway Re catastrophe bond issuance to market,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation. “The upsized limit and strong execution demonstrate investor confidence in SageSure’s effective exposure management, regulatory and capital optimization through carrier management, and the performance of the Gateway Re series.”

About SageSure

SageSure is one of the largest managing general underwriters focused on catastrophe-exposed property in the US. Dedicated to serving producers and carrier partners, SageSure provides highly differentiated residential and commercial solutions, innovative service and claims management, and market-leading buying experiences. A leader in catastrophe risk underwriting and exposure management, SageSure operates in 16 states, protects more than 815,000 policyholders, and manages more than $2.3 billion of inforce premium. For more information, visit sagesure.com.

About Auros

Auros Reciprocal Insurance Exchange (Auros) creates exceptional experiences and customized solutions for coastal homeowners. Managed by a team of seasoned industry leaders who ensure alignment with policyholder interests, Auros brings competitive pricing, outstanding protection, and catastrophe risk expertise to the markets it serves, including Louisiana, Mississippi, and Texas. Exclusively available through SageSure, Auros is expanding to meet the high demand for its solutions while maintaining the strong financial outlook indicated by its rating of A, Exceptional, by Demotech, Inc. To learn more, visit aurosins.com.

About Elevate

Elevate Reciprocal Exchange (Elevate) delivers industry-leading protection for coastal homeowners, providing customizable coverage, competitive rates, and unsurpassed service throughout the policy lifecycle. Exclusively distributed through Goosehead in partnership with SageSure, Elevate serves regions where reliable coverage is needed most, including Louisiana, South Carolina, and Texas. Elevate is rated A, Exceptional, by Demotech, Inc., indicating the necessary financial stability to protect its policyholder members. To learn more, visit elevatein.com.

SageSure’s position as a leading cat bond sponsor emphasizes our commitment to our carrier partners’ stability—a multi-year, diversified reinsurance program ensures both carriers and policyholders are well protected.

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