Eclipse Re Ltd., the Artex-managed and operated private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform, has completed the issuance of an $8.73 million transaction in recent days.This is the second privately placed insurance-linked securities (ILS) transaction of 2022 that we have listed in our extensive Deal Directory from private catastrophe bond transformer and issuance platform Eclipse Re Ltd.Eclipse Re Ltd.is a Bermuda domiciled special purpose insurer (SPI) and segregated account company that is managed by insurance-linked securities (ILS) market facilitator and service provider Artex Risk Solutions.

This second issuance from Eclipse Re of 2022 is a relatively small transaction, and has a term that suggests this is likely a US wind protection, as it runs through the Atlantic hurricane season.Eclipse Re Ltd.has issued $8.73 million of Series 2022-02A notes, with the notes having a final maturity date, of January 1st 2023.

Eclipse Re is typically leveraged for the issuance of insurance-linked securities (ILS) notes, via the transformation, securitisation and ultimately transfer to one, or syndication to a group of investors, of reinsurance or retrocession arrangements.The main use-cases are issuance of privately syndicated collateralised reinsurance notes, or private catastrophe bonds, with an ability to cover a wide range of underlying structures and perils, or lines of insurance business.Eclipse Re private cat bonds aren’t always broadly syndicated though, with the structure often used as a transformer for an ILS fund manager, to help them securitize a risk and make it investable for a catastrophe bond strategy.

.So far in 2022, .As ever, we assume this latest Eclipse Re deal features property catastrophe risk-linked notes, providing an unnamed protection buyer, or ILS fund, with reinsurance or retrocession protection just to the end of 2022.

Because of this, there’s a strong chance it’s a protection running for the US wind season, although it could also be a carrier needing a slice of reinsurance from the cat bond market to run up to the January renewals.The proceeds from the sale of the $8.73 million of private catastrophe bond notes will have been used as collateral to underpin a related reinsurance or retrocession contract, held in a trust.The $8.73 million of private cat bond notes have been placed with qualified institutional investors and were admitted to the Bermuda Stock Exchange (BSX) as insurance-related securities for a listing, with Artex also acting as the listing sponsor through its Artex Corporate Services (Bermuda) Ltd.

unit.ILS and reinsurance market service provider and facilitator Artex always takes a lead role as the manager for these Eclipse Re Ltd.transactions, with this special purpose vehicle a key part of its ILS infratsurtcure offering to clients.

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