SageSure closes new cat bond at 67% upsize
The proceeds from the Gateway Re 2024-1 bond issuance will be used to provide reinsurance coverage against named storms for both SURE and another affiliated reciprocal exchange, Elevate. The coverage spans several states, including Alabama, North Carolina, South Carolina, Louisiana, Mississippi, and Texas, with the flexibility to extend to New York and/or Virginia for the Class AA tranche spanning multiple years.
