SageSure, the fast-growing catastrophe-exposed property specialist MGU, is back in the catastrophe bond market initially seeking $765 million of broad multi-peril reinsurance from a issuance that could become the largest in the series of deals so far, Artemis has learned.SageSure’s most recent Gateway Re catastrophe bond sponsorship was in July 2025 and the company brought three deals to market last year from this series, as it expanded its capital markets backed catastrophe reinsurance for its insurance carrier and reciprocal exchange partners.But, of course, SageSure backed and supported underwriting entities are also beneficiaries of other cat bond names, including the recent deal and the latest Veraison Re earthquake bond that is currently in the market as well.As a result, SageSure’s influence is growing in the catastrophe bond market, as the company facilitates access to efficient, multi-year, investor backed reinsurance capacity to support its growing portfolio of underwriting companies and partnerships.

On the Gateway Re Ltd.catastrophe bond series specifically, this new Series 2026-1 issuance will be the twelfth since May 2022 once it is settled.This Gateway Re 2026-1 cat bond is also set to be notable for SageSure and the underwriting entities that benefit from its protection, as it starts off with a target for $765 million of reinsurance protection, which if secured will make it the largest in the Gateway cat bond series so far.

It will also be notable for another reason, being the first in the series to seek to secure reinsurance protection for more than just US hurricane risks.This latest Gateway Re is a true multi-peril cover, designed to provide the broadest coverage from any catastrophe bond linked to SageSure that we’ve analysed so far.For this latest deal, the Gateway Re Ltd.

Bermuda domiciled special purpose insurer (SPI) is offering five classes of Series 2026-1 notes to investors, with the proceeds of their sale set to be used to collateralize reinsurance agreements with the ceding entities.In this case there are three ceding entities to the Gateway Re 2026-1 cat bond which are set to be SureChoice Underwriters Reciprocal Exchange, Elevate Reciprocal Exchange and SafeChoice Insurance Company, we are told.Across the five classes of notes, the initial target is a significant one, with $765 million of fully-collateralized reinsurance limit being targeted for these companies.

The notes are set to provide indemnity based reinsurance over a three-year term from July 1st 2026, we understand, but there are differences in the perils covered and the structure of the protection as well, depending on the class of notes.Across the five classes the catastrophe reinsurance coverage being sought will protect the SageSure entities against certain losses from named storms, earthquakes, severe thunderstorms, winter storms and wildfires across parts of the United States, but with regional and peril differences to each tranche of Series 2026-1 notes that Gateway Re Ltd.is offering.

A $200 million tranche of Class AAAA notes are designed to provide indemnity, occurrence coverage against named storm losses in the states of Alabama, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina, and Texas, we understand.The Class AAAA notes would cover losses from attachment at $1.7495 billion of losses up to $1.9495 billion, giving them an initial attachment probability of 0.65%, an initial expected loss of 0.57% and they come with price guidance for a risk interest spread of between 3.5% and 4%.A $135 million tranche of Class AAA-1 notes are also designed to provide indemnity, occurrence coverage against named storm losses in the states of Alabama, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina, and Texas, we are told.

The Class AAA-1 notes are riskier and would cover a share of losses from attachment at $1.4645 billion of losses up to $1.7495 billion, giving them an initial attachment probability of 0.93%, an initial expected loss of 0.79% and they come with price guidance for a risk interest spread of between 4% and 4.5%.A $150 million tranche of Class AAA-2 notes are designed to provide two sections of cover, indemnity, occurrence in one section and aggregate third-event cover in another.These notes will cover losses from the perils of named storms, earthquakes, severe thunderstorms, winter storms and wildfires in the states of Alabama, California, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina and Texas so a slightly wider area of coverage as well, we are told.

The Class AAA-2 notes would cover a share of losses from attachment at $1.4645 billion of losses up to $1.7495 billion on the occurrence section side and from $200 million to $350 million on the third-event aggregate section side, which gives them an initial attachment probability of 2.85%, an initial expected loss of 1.51% and they come with price guidance for a risk interest spread of between 5.5% and 6.25%.An $80 million tranche of Class AA notes are designed to provide indemnity, occurrence cover for losses from the perils of named storms, earthquakes, severe thunderstorms, winter storms and wildfires in the states of Alabama, California, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina and Texas, sources explained.The Class AA notes would cover a share of losses from attachment at $810 million of losses up to $990 million, giving them an initial attachment probability of 2.45%, an initial expected loss of 2.12% and they come with price guidance for a risk interest spread of between 6.5% and 7.25%.

The final $200 million tranche of Class A notes are also designed to provide indemnity, occurrence cover for losses from the perils of named storms, earthquakes, severe thunderstorms, winter storms and wildfires in the states of Alabama, California, Florida, Louisiana, Mississippi, New York, North Carolina, South Carolina and Texas, we understand.The Class A notes would cover a share of losses from attachment at $460 million of losses up to $810 million, giving them an initial attachment probability of 6.17%, an initial expected loss of 3.98% and they come with price guidance for a risk interest spread of between 9.25% and 10%.Given the variations in coverages provided by each tranche of notes, this transaction gives investors a number of allocation options and could gain broad support as a result.

There is also room for a number of the tranches to upsize, so it will be interesting to see where this new catastrophe bond settles and just how much of a margin it puts between itself and the previous smaller Gateway Re deals.Prior to this, the largest in the Gateway Re cat bond series was the $520 million issuance.This new offering looks likely to eclipse that, while also sourcing the broadest coverage in peril and regional terms of any cat bond in the series as well.

You can read all about this new catastrophe bond and every other cat bond deal in the Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.