Gateway Re lists its third cat bond of the year

Catastrophe bond issuer Gateway Re Ltd has listed a $50 million bond on the Bermuda Stock Exchange, marking its third bond of the year and bringing its total issuance to $275 million.

In an announcement on the Bermuda Stock Exchange, special purpose insurer Gateway said the $50 million worth of notes were redeemable in July 2026.  

Gateway is sponsored by Surechoice Underwriters Reciprocal Exchange, which was formed by SageSure Capital Holdings.

It insures coastal property in the US. The proceeds of previous issuances have been used to collateralize reinsurance agreements between the SPI and SURE.