With a strong execution, the twelfth catastrophe bond issuance in the SageSure-supported Gateway Re series is the first to provide multi-peril coverage.

SageSure Holdings, LLC (“SageSure”), the largest residential property MGU in the US specializing in catastrophe-exposed markets, and SureChoice Underwriters Reciprocal Exchange (“SURE”), a member-owned reciprocal exchange, today announced the successful close of the Gateway Re Ltd. Series 2026-1 catastrophe bond at an original principal amount of $670 million, the franchise’s largest issuance to date. All five tranches priced within initial guidance, signaling strong investor trust in the Gateway Re series.

With the close of this transaction, SageSure-supported franchises have $3.1 billion in outstanding notional limit, solidifying SageSure’s place as the third largest catastrophe bond sponsor in the world.

Building on the $520 million Gateway Re Series 2025-1 catastrophe bond which has provided valuable named storm coverage since risk inception last year, the Gateway Re 2026-1 issuance is the first to significantly broaden the franchise’s peril base. In addition to named storms, it provides coverage for earthquakes, severe thunderstorms, winter storms, and wildfires across all eligible states for SURE, Elevate Reciprocal Exchange, and SafeChoice Insurance Company.

“We are grateful for the strong investor support for the Gateway Re series. This issuance exemplifies the important role of capital markets within our broader reinsurance strategy to support our growth,” said Ed Konar, President of SURE. “We look forward to expanding our programs with SageSure to bring stable capacity to more catastrophe-exposed communities.”

Terrence McLean, President and CEO of SageSure, added, “SageSure is proud to be a champion of the expansion of ILS and the cat bond market. This $670 million in capacity is not only the largest in our program’s history but also a signal that the Gateway Re franchise has become a cornerstone of the global ILS market. SageSure will continue to innovate in the ILS and cat bond markets so that we can bring the most competitive products to market.”

Swiss Re Capital Markets Corporation acted as the sole structuring agent and bookrunner for the transaction.

“This transaction marks a significant milestone for the Gateway Re franchise,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation. “The scale of this transaction combined with the successful inclusion of secondary perils across different risk layers further demonstrates investors' appreciation for SageSure's transparency and underwriting discipline and positions ILS as a core component of their reinsurance strategy.”

About SageSure

SageSure is the largest residential property MGU in the US specializing in catastrophe-exposed markets. Dedicated to serving producers and carrier partners, SageSure provides highly differentiated residential and commercial solutions, innovative service and claims management, and market-leading buying experiences. A leader in catastrophe risk underwriting and exposure management, SageSure operates in 16 states, protects more than 970,000 policyholders, and manages more than $3.2 billion of inforce premium. For more information, visit sagesure.com.

About SURE

SURE is the member-owned insurance company for reliable coastal property protection. Managed by a team of experienced and passionate insurance leaders who believe in building a safer world one coastal property at a time, SURE has grown rapidly to meet the needs of challenging markets while prudently managing exposure. As the first Texas-domiciled reciprocal since 2004, SURE is customer-focused by design and offers homeowners, dwelling fire, flood, and commercial coverage through an exclusive partnership with SageSure. SURE is rated A, Exceptional, by Demotech, Inc., has more than 320,000 policyholders and $970 million of inforce premium to date. To learn more, visit sureins.com.

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With the close of this transaction, SageSure-supported franchises have $3.1 billion in outstanding notional limit, solidifying SageSure’s place as the third largest catastrophe bond sponsor in the world.