Eclipse Re issues $37.5m 2025-1A cat bond, taking cat bond lite issuance to $334m

Another private catastrophe bond has come to market recently, as we’ve learned of a new $37.5 million Eclipse Re Ltd. (Series 2025-1A) privately transacted and placed insurance-linked securities (ILS) arrangement, the second such deal from the Eclipse Re transformer so far in 2025.

This latest deal comes on the heels of a $25 million Eclipse Re Ltd. (Series 2025-2A) private catastrophe bond arrangement that we reported on earlier this month.

Last year, Artemis tracked and reported on $184.4 million of private cat bond or cat bond lite deals that had been issued by the Eclipse Re Ltd. transfomer platform in 2024.

Now, with this second issuance coming to light, we have tracked $62.5 million of Eclipse Re private cat bond issuance in 2025 so far.

2025 started very slowly for private catastrophe bonds, but the volume of issuance from these transactions that we’ve tracked has risen around the mid-year.

Now, including this new $37.5 million Eclipse Re 2025-1A private cat bond, Artemis has tracked almost $334 million of these cat bond lite type deals from this and similar platforms in 2025 so far.

You can view the details of every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.

This is the second privately placed catastrophe bond note issuance of 2025 that we have seen from the Eclipse Re Ltd. private insurance-linked securities (ILS) and collateralized reinsurance transformer and issuance platform.

Eclipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and segregated account platform, which is owned and operated by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.

Eclipse Re is used for the issuance of private catastrophe bonds, either to help sponsors access the capital markets efficiently on by providing a function as a risk transformation structure, operating on behalf of ILS fund managers and investors.

In this case, Eclipse Re Ltd. has issued a $37.5 million tranche of Series 2025-1A notes, which we make the assumption cover some type of property catastrophe reinsurance or retrocessional perils for an unknown cedent.

The $37.5 million of Series 2025-1A notes have been issued on behalf of Eclipse Re’s Segregated Account EC0071 and the notes have a final maturity date of March 31st 2026.

Given their maturity date, we expect the $37.5 million of Series 2025-1A notes represent the securitization of a one year or less duration reinsurance or retrocession arrangement by Eclipse Re, potentially a transaction from some point between the April and mid-year renewals that has taken some time to come to light.

The notes issued by Eclipse Re have been privately placed with qualified investors and listed on the Bermuda Stock Exchange (BSX).

As ever, we make the assumption that the issuance features a reinsurance or retrocession arrangement that has been transformed using the Eclipse Re structure, to create and issue a series of investable, securitized catastrophe bond notes, typically for an ILS fund manager or investor portfolio.

We don’t know what the underlying trigger(s) or peril(s) are for private catastrophe bonds like this, but we assume they will be some kind of property catastrophe related risk.

The proceeds from the sale of the $37.5 million of private cat bond notes from this 2025-1A series of notes issued by Eclipse Re will have been used to collateralize a related reinsurance or retrocession contract, with funds held in a trust, enabling the risk transfer and the creation of investable catastrophe-linked securities.

You can analyse private cat bond issuance by year through accessing this chart, where you can split our tracked catastrophe bond and related ILS issuance by type of arrangement (Rule 144A property cat, Rule 144A covering other perils, or private cat bonds), using the key.

Analyse private catastrophe bond issuance by year using our interactive chart.

You can view details of every private cat bond we’ve tracked by filtering our Deal Directory to see private ILS transactions only.

All of our catastrophe bond market charts and visualisations are up-to-date and include data on new cat bond transactions as they settle.