SageSure, a managing general underwriter (MGU) focused on catastrophe-exposed markets, along with its carrier partners Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange, has closed the Gateway Re Series 2025-3 catastrophe bond at $100 million.\n\nIncluding this latest issuance, the SageSure-supported Gateway Re series now exceeds $2.1 billion in cumulative notional limit, securing SageSure’s position as the seventh largest catastrophe bond sponsor globally by total notional outstanding.\n\nFollowing Auros’ inaugural catastrophe bond transaction in April, the new deal achieved strong execution with lowered and narrowed price guidance, signaling investor confidence in the Gateway Re franchise.\n\nTerrence McLean, President and CEO of SageSure, said, “SageSure’s position as one of the leading global catastrophe bond sponsors demonstrates the strategic role of ILS markets in our carrier partners’ reinsurance programs.\n\n“We are grateful for the investor support that enables greater protection against peak perils and greater capacity in the catastrophe-exposed states we serve.”\n\nThis marks the eleventh issuance in the Gateway Re cat bond series, all designed to provide capital markets-backed reinsurance to support various underwriting entities owned by or linked to SageSure.\n\nThe Gateway Re 2025-3 Class A notes will offer fully collateralised reinsurance protection for a single hurricane season, covering named storm risk for cedants Auros and Elevate in the U.S. states of Louisiana, Mississippi, South Carolina, and Texas. The protection is provided on an indemnity, per-occurrence basis.\n\nTravis Lewis, CEO of Auros Risk Management, said, “Auros is honoured to partner with SageSure to strengthen the protection of our programs and our policyholders.\n\n“We are grateful for the ILS market’s confidence and look forward to the responsible growth this issuance will support.”\n\nEd Konar, President of Elevate Risk Management, added, “We are excited by the positive response from the investor community to this catastrophe bond placement. Capital markets continue to enhance the resilience of our reinsurance program.”\n\nAs with previous Gateway Re transactions, Swiss Re Capital Markets acted as the sole structuring agent and bookrunner for the transaction.\n\nJean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation, stated, “We are proud to have partnered with SageSure, Auros, and Elevate in the successful execution of the eleventh Gateway Re catastrophe bond issuance.\n\n“The overwhelming support from investors for a transaction announced later in the issuance season is a testament to the trust that investors have in SageSure’s differentiated approach to underwriting, claims, and risk management.”\n\nYou can read more about this Gateway Re Ltd. (Series 2025-3) catastrophe bond, and all others, in the deal directory of our sister publication, Artemis.

SageSure and Auros close $100m cat bond with strong investor support

SageSure, a managing general underwriter (MGU) focused on catastrophe-exposed markets, along with carrier partners Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange, closed a $100 million catastrophe bond for Gateway Re Series 2025-3. This marks the eleventh issuance in the series, which now exceeds $2.1 billion in cumulative notional limit, solidifying SageSure’s position as the seventh largest catastrophe bond sponsor globally. The bond provides hurricane season coverage for Auros and Elevate in Louisiana, Mississippi, South Carolina, and Texas, with Swiss Re Capital Markets acting as the structuring agent and bookrunner.