With the thirteenth Gateway Re-branded issuance, SageSure-supported franchises have secured ~$3 billion in outstanding notional limit.
SageSure, the largest residential property MGU in the US specializing in catastrophe-exposed markets, and Auros Reciprocal Insurance Exchange (“Auros”), a policyholder-owned property insurance provider, today announced the successful close of the Gateway Re Ltd. Series 2026-2 catastrophe bond for $175 million, further solidifying SageSure’s position as a global leader in the insurance-linked securities (ILS) space. Following the recent $670 million Gateway Re 2026-1 transaction, SageSure recently achieved the position of the third largest catastrophe bond sponsor globally, with ~$3 billion in outstanding notional limit.
With pricing finalized below initial guidance for the Class A Notes and within initial guidance for the Class B Notes, the Gateway Re 2026-2 transaction achieved highly favorable execution, signaling continued investor confidence in the SageSure-supported franchise. The strong pricing execution reflects the maturing relationship between SageSure and the ILS community, as the company moves to cover a broader array of secondary perils across the reinsurance tower.
“The success of this issuance is a testament to the transparency and performance of our underwriting platform,” said Terrence McLean, President and CEO of SageSure. “Achieving this level of execution allows us to maintain a competitive edge while securing the long-term, multi-year capacity necessary to protect policyholders in dynamic coastal markets. We are grateful for the continued investor confidence in both our mission and our outperformance.”
The transaction represents further expansion of the Gateway Re franchise, securing multi-peril indemnity protection for both Auros and Interboro Insurance Company (together with Auros, the “ceding insurer”) across six key states initially. The deal achieved significant efficiency—especially notable with the inclusion of secondary perils like wildfires and severe thunderstorms, which typically command higher premiums in the reinsurance/ILS markets.
“The reception from the capital markets for this transaction confirms that investors value the diversification and technical rigor Auros and SageSure bring to the table,” said Travis Lewis, CEO of Auros Risk Management. “With this issuance, we ensure stable, high-quality protection for our members through 2029.”
The issuance provides three years of protection, starting July 1, 2026, covering losses in Florida, Louisiana, Mississippi, New York, South Carolina, and Texas. Swiss Re Capital Markets Corporation acted as the sole structuring agent and bookrunner for the transaction.
“Swiss Re is pleased to have supported SageSure, Auros, and Interboro in further diversifying their capital sources through this latest Gateway Re issuance,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation. “The strong market reception and favorable pricing reflect investors’ confidence in SageSure and Auros’ growth strategy and their established track record. By expanding the peril set while achieving such efficient execution, SageSure and the ceding insurer have benefited from the growing depth of the ILS market’s appetite for well-structured, multi-peril risk.”
