Managing general underwriter (MGU) SageSure and Anchor Re have raised US$50 million in third-party capital through the launch of Seawall Re Ltd., a Bermuda-based special purpose insurer.
The transaction marks the debut reinsurance sidecar arrangement for both SageSure and Anchor Re.
The Seawall Re sidecar provides a channel for capital market investors to participate in the underwriting results generated by SageSure.
The transaction is structured as a “losses occurring during” quota share agreement, providing retrocessional protection for Anchor Re for the 2025–2026 treaty year. Four carriers – SureChoice Underwriters Reciprocal Exchange, SafeChoice Insurance Company, Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange – will benefit from the added capacity.
GC Securities, a division of MMC Securities LLC, acted as the sole structuring and placement agent for the issuance.
Terrence McLean (pictured above), president and CEO of SageSure, said the company is expanding capacity solutions to support its growth in catastrophe-exposed markets.
“The sidecar provides extra protection for Anchor Re and our carrier partners while directly connecting third-party capital to a stable risk profile expected to generate positive returns. We are grateful for the strong investor support for this transaction,” McLean said.
SageSure’s entry into the insurance-linked securities (ILS) market dates back to 2022, when it launched its Gateway Re Series 2022-1 catastrophe bond, opening access to capital market support for its property insurance portfolio.
Since then, the Gateway Re franchise has grown significantly, reaching more than US$1.7 billion in cumulative notional limit by early March 2025.
Earlier this year, the Gateway Re Series 2025-1 bond marked a milestone for SageSure, raising US$520 million - 27 % higher than its initial US$410 million target. Pricing settled about 10 % below midpoint guidance, reflecting a level of investor demand that surpassed expectations.
The Gateway Re Series 2025-3 issuance followed soon after, securing US$100 million to provide single-season hurricane coverage for Auros and Elevate across high-risk states such as Louisiana and Texas
With this addition, the total risk limit secured through the Gateway Re franchise surpassed US$2.1 billion.
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