SageSure is back in the catastrophe bond market for the third time this year, with a new deal that seeks $100 million or more in U.S.named storm reinsurance to initially protect the Aurous and Elevate reciprocal exchanges, Artemis can report.SageSure was last seen in the catastrophe bond market in April, when it managed to successfully price its upsized $150 million Gateway Re Ltd.(Series 2025-2) issuance.

That followed the landmark $520 million  issuance in March, which became SageSure’s largest cat bond to date, and the biggest yet for underwriting entities owned by or affiliated with the coastal managing general underwriter (MGU).Now, the company is back with what will be the eleventh catastrophe bond issuance in the Gateway Re series of deals, we have been told.Using the Gateway Re Ltd.

Bermuda domiciled special purpose insurer (SPI), a single tranche of Series 2025-3 Class A notes will be offered for sale to catastrophe bond funds and investors, with the proceeds set to be used to collateralize a reinsurance agreement with the ceding entities Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange.Gateway Re Ltd.will look to issue a single Class A tranche of Series-2025-3 cat bond notes, with a target of $100 million or greater for U.S.

named storm reinsurance for the reciprocal exchanges.The Class A Series 2025-3 notes that Gateway Re Ltd.will issue are designed to cover the two reciprocals against losses from named storms initially covering the U.S.

states of Louisiana, Mississippi, South Carolina and Texas, on an indemnity, per-occurrence basis.The notes will only provide their protection across a single hurricane season, becoming effective shortly after issuance in July, and running through to mid-December 2025, we are told.The currently $100 million of Class A Series 2025-3 notes would attach their coverage at $225 million of losses, exhausting it at $385 million we understand.

The Class A notes will have an initial attachment probability of 3.66%, and an initial expected loss of 1.83%.We also understand that the $100 million of Series 2025-1 Class A notes are structured as discounted zero-coupon notes.The notes are currently being offered with price guidance in a range of 93% to 93.5% of par, which roughly equates to a spread-equivalent of between 6.5% and 7%.

SageSure and its affiliated underwriting entities continue to build out their reinsurance capacity, with capital markets playing an increasingly central role, an encouraging sign for the future use of catastrophe bonds within the group’s strategy.At this time, before this issuance, SageSure related underwriting entities have $2.075 billion of cat bond backed reinsurance outstanding according to .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.