Two more private catastrophe bonds have come to light from the Eclipse Re Ltd. transformer vehicle, which has taken the total issued by the Artex managed structure to $118.2 million in 2025 so far across seven series of notes, lifting private cat bond issuance tracked by Artemis to $496.51 million year-to-date.
We recently reported on three Eclipse Re private cat bonds, or privately placed insurance-linked securities (ILS) deals, that together took the total issuance of these cat bond lite type deals across all issuers to a level that exceeded the full-year total seen in 2024.
The deals have kept coming, as issuance coming from private catastrophe bonds, or cat bond lite structures continues to rise in 2025.
Now, an additional $31.3 million of private Eclipse Re cat bond notes have come to light across two new series, which has lifted the year-to-date total for that platform to $118.2 million across seven issuances we’ve tracked so far.
You can view the details of every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.
The Eclipse Re Ltd. private insurance-linked securities (ILS) and collateralized reinsurance transformer and issuance platform is a Bermuda domiciled special purpose insurer (SPI) and segregated account company, that is owned and operated by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.
Eclipse Re enables the efficient issuance of private catastrophe bonds, typically to help sponsors access the capital markets by providing a function as a risk transformation structure, operating on behalf of ILS fund managers and investors.
These can be securitizations of cedent-specific risk transfer deals, or of a slice of a reinsurance tower participation, or even the securitization of ILS fund-to-fund hedges. Details are limited as always, given the private nature of these cat bonds, so we can’t be certain of the motives or exact features of these new deals.
Eclipse Re Ltd. has issued a $6.3 million tranche of Series 2025-4A notes, which are assumed to feature the transformation and securitization of some type of property catastrophe reinsurance or retrocessional perils for an unknown cedent.
The $6.3 million of Series 2025-4A notes have been issued on behalf of Eclipse Re’s Segregated Account EC0073.
Eclipse Re Ltd. has also issued a $25 million tranche of Series 2025-6A notes, which we also expect feature some type of property catastrophe reinsurance or retrocessional perils for an unknown cedent.
The $25 million of Series 2025-6A notes have been issued on behalf of Eclipse Re’s Segregated Account EC0075.
All $31.3 million of private cat bond notes across the two new series issued by Eclipse Re that have come to light, have the same final maturity date of May 31st 2026.
Given the maturity date, we anticipate both of the Eclipse Re series represent a securitization of a one year or less duration reinsurance or retrocession arrangement, possibly a transaction or slices or reinsurance tower participation from around the mid-year renewal season.
As we always do, we assume these issuances feature 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, normally for an ILS fund manager or investor portfolio.
Details as to what the underlying trigger(s) or peril(s) are for these private catastrophe bonds is not available, but we suspect they represent some kind of property catastrophe related risk.
The proceeds from the sale of the $31.3 million of private cat bond notes across the two series of private ILS notes issued by Eclipse Re are expected to be 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.
Across the seven series of private cat bond notes we’ve seen so far in 2025 from Eclipse Re, the total issued is now $118.2 million year-to-date.
Five of the seven series have a due date for May 31st 2026, the other two run until the end of March next year.
Eclipse Re’s private cat bond issuances we’ve seen so far in 2025 are still running behind the $184.4 million from eight series of notes that we tracked in 2024 and far behind the record $411.12 million from ten issues that we tracked in 2021, but its activity levels continue to build in 2025.
You can analyse private cat bond issuance by year in our chart that breaks down all our tracked issuance by type here.
2017 was the record year for private cat bonds tracked by Artemis, at just over $1.12 billion of issuance recorded.
View the details of every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.
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.
