Large insurer Zurich has returned to the catastrophe bond market, successfully closing a $150 million catastrophe bond covering U.S. named storms and earthquakes through the Turicum Re 2026-1 issuance.
This Turicum Re Ltd. Series 2026-1 issuance is the first Rule 144A natural catastrophe bond sponsored by Zurich since late 2012.
Turicum Re Ltd. provides an additional source of multi-year reinsurance protection against losses from U.S. named storms and earthquakes, forming part of Zurich’s diversified natural catastrophe risk reinsurance strategy.
The cat bond is structured on a per-occurrence basis with an indemnity trigger. The strong risk quality of Zurich’s property portfolio made the offering attractive to investors, enabling Zurich to successfully close the bond at its target capacity and below guidance pricing.
To read further details on Turicum Re Ltd. (Series 2026-1), or other catastrophe bonds and related ILS transactions, visit our sister publication Artemis’ Deal Directory.
Paolo Mantero, Head of Group Reinsurance for Zurich, said, “Turicum Re enables Zurich to re-establish its presence and reputation in the growing and important ILS market.
“Insurance-linked securities are an established and strategic source of reinsurance capacity that can provide additional flexibility and cost efficiency, complementing Zurich’s traditional reinsurance relationships.”
James Bracken, Chief Financial Officer of Zurich North America, added, “The successful placement of the cat bond is the result of the great work Zurich has done in managing its nat-cat exposure while growing its market share in the property market.
“We view this as an important tool to continue to confidently offer best-in-class property protection to our commercial customers.”
