SageSure, a managing general underwriter (MGU) focused on catastrophe-exposed property in the US, and GeoVera Nova, a provider of earthquake, wind, and residential and commercial property insurance, have announced the closing of the inaugural Meritage Re Ltd. Series 2026-1 catastrophe bond at $200 million.
This is the first issuance of Meritage Re, a newly established Bermuda special purpose vehicle. At the same time, it is also the first US named storm cat bond for the three ceding companies GeoVera Nova oversees.
The cat bond is structured to offer protection to SageSure’s carrier partners – GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Safeport Insurance Company – against specific named storm losses within the US for a duration of three years.
You can read more about this Meritage Re Ltd. Series 2026-1 catastrophe bond, and all others in the deal directory of our sister publication, Artemis.
“We are grateful for the strong investor response to the first Meritage Re issuance. This catastrophe bond supports the growth of GeoVera Nova’s insurance companies to meet the continued demand for our differentiated solutions,” said John Forney, President and CEO of GeoVera Nova.
Adding: “By leveraging capital markets for hurricane protection, we are further diversifying our reinsurance program and strengthening our ability to provide stable, reliable capacity in catastrophe-prone regions.”
Terry McLean, President and CEO of SageSure, commented: “We are pleased to see the ILS market’s confidence in the GeoVera Nova and SageSure partnership. Capital markets continue to enhance the resilience of our programs and position our carrier partners for long-term stability and success.”
The transaction’s sole structuring agent and bookrunner was Swiss Re Capital Markets Corporation.
“Strong investor interest for the Meritage Re issuance led to pricing well below the initial guidance,” said Jean-Louis Monnier, CEO of Swiss Re Capital Markets Corporation. “This transaction highlights the market’s recognition of the quality of GeoVera Nova’s portfolio and its confidence in SageSure’s underwriting and claims handling platform.”
