The target issuance size has been raised for the new catastrophe bond, with now up to $250 million of multi-year US named storm reinsurance protection being sought for GeoVera and SafePort, Artemis can report.As we had explained in our first article about this new cat bond issuance, it comes from the SageSure stable of underwriting entities as that company had invested in GeoVera Nova Holdings, Inc.earlier this year, the entity that oversees the three named ceding companies to this Meritage Re deal.When we reported earlier this month, this Meritage Re Series 2026-1 cat bond issuance was seeking $200 million of named storm reinsurance to protect three ceding companies overseen by GeoVera Nova, namely GeoVera Insurance Company, GeoVera Specialty Insurance Services, and SafePort Insurance Company.

Now, we’re told that the target has been lifted, with up to $250 million of named storm reinsurance protection being sought from the capital markets.At the same time, we’re told the price guidance has been lowered as the cedent target reduced spreads.So now, Meritage Re Ltd.

is offering investors an up to $250 million tranche of Series 2026-1 Class A notes that will provide the ceding companies with reinsurance protection on an indemnity trigger and per-occurrence basis, against certain losses from US named storm events, over a three year term beginning early March 2026.The up to $250 million of Class A notes come with an initial base expected loss of 1.89% and were first offered to investors with price guidance for a risk interest spread of between 6% and 6.5%.We’re now told that price guidance has been revised, with a new range of a 5.5% to 6% spread being offered.

Which suggests another cat bond sponsor is destined to secure reinsurance from the capital markets at attractive pricing, as execution remains strong for certain types of offerings.You can read all about this new catastrophe bond transaction and every other cat bond ever issued in our Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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