SageSure and GeoVera Nova have closed a $200 million catastrophe bond, marking the first issuance from Meritage Re Ltd., a newly established Bermuda special purpose vehicle. The Meritage Re Ltd. Series 2026-1 transaction drew strong investor demand, enabling the deal to price “significantly tighter” than initial guidance and securing U.S. named storm coverage below preliminary pricing levels.
The issuance is also the first U.S.-named storm catastrophe bond for the three ceding insurance companies overseen by GeoVera Nova—GeoVera Insurance Company, GeoVera Specialty Insurance Company, and SafePort Insurance Company. The bond provides these carrier partners protection against certain U.S. named storm losses over a three-year risk period, adding additional capital-markets capacity to their broader reinsurance program.
GeoVera Nova President and CEO John Forney said the successful inaugural issuance supports the continued growth of GeoVera Nova’s insurance companies as demand rises for their catastrophe-focused property offerings. He added that expanding the use of capital markets for hurricane protection further diversifies the group’s reinsurance structure and strengthens its ability to provide stable capacity in catastrophe-prone regions.
Support: Swiss Re Capital Markets Corporation served as the sole structuring agent and bookrunner. CEO Jean-Louis Monnier said elevated investor interest helped drive pricing below initial guidance and pointed to the market’s view of GeoVera Nova’s portfolio quality and confidence in SageSure’s underwriting and claims-handling platform.
KEY QUOTES:
“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… 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.”
John Forney, President and CEO, GeoVera Nova
“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.”
Terry McLean, President and CEO, SageSure
“Strong investor interest for the Meritage Re issuance led to pricing well below the initial guidance… 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.”
Jean-Louis Monnier, CEO, Swiss Re Capital Markets Corporation
