Another new private catastrophe bond issuance from the Eclipse Re Ltd. transformer vehicle has come to light, the eighth from the platform in 2025 so far. At $100 million in size, this Eclipse Re Ltd. (Series 2025-8A) cat bond lite has become the biggest from the issuer this year.
Eclipse Re, the Artex managed structure, is among the most prolific every year, and in 2025 we have now tracked over $218 million of private cat bond notes issued by the vehicle.
That makes Eclipse Re the most prolific issuer of cat bond lites in 2025 so far, across the deals we’ve seen information on and so been able to track.
Issuance coming from private catastrophe bonds, or cat bond lite structures continues to rise in 2025 and the year has now risen well-above the total we tracked in 2024, although remains slightly behind the 2023 total at this time.
Total private cat bond issuance tracked by Artemis in 2025 now stands at $626.51 million year-to-date, ahead of 2024’s $455.52 million and closing on 2023’s $641.93 million.
You can view the details of every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.
Eclipse Re Ltd. is a Bermuda domiciled special purpose insurer (SPI) and segregated account company that operates as a private insurance-linked securities (ILS) and collateralized reinsurance transformer and issuance platform.
Eclipse Re is owned and operated by insurance-linked securities (ILS) market facilitator and service provider Artex Capital Solutions.
The structure enables the efficient issuance of private catastrophe bonds, or other privately issued and placed insurance-linked securities.
Typically, this is to help sponsors access the capital markets efficiently by providing a function as a risk transformation structure, or by operating on behalf of ILS fund managers and investors within their origination and sourcing of investments.
These can be securitizations of cedent-specific risk transfer deals, or of a slice of a reinsurance tower participation. Or even the securitization of ILS fund-to-fund hedges.
Details are limited as always, given the private nature of these cat bonds, so we can’t be certain of the motives or exact features of this new deal.
This latest private cat bond from the platform, saw Eclipse Re Ltd. issuing a $100 million tranche of Series 2025-8A notes, that we presume will cover some type of property catastrophe reinsurance or retrocessional perils for an unknown cedent. We also do not have any details on the trigger type, risk metrics or pricing, as is typical with these private cat bonds.
The $100 million of Series 2025-8A notes have been issued on behalf of Eclipse Re’s Segregated Account EC0077 and the notes have a final maturity date of September 30th 2026.
Given the maturity date, it’s assumed that the $100 million of Series 2025-8A notes are a securitization of a one year or less duration reinsurance or retrocession arrangement by Eclipse Re.
The $100 million of notes issued by Eclipse Re have been privately placed with qualified investors and listed on the Bermuda Stock Exchange (BSX).
We assume this issuance features a reinsurance or retrocession arrangement, likely covering property catastrophe risks, that has been transformed using the Eclipse Re structure, to create and issue a series of investable, securitized cat bond notes, normally for an ILS fund manager or investor’s portfolio.
The proceeds from the sale of the $100 million of private cat bond notes from this 2025-8A series of private ILS notes issued by Eclipse Re are expected to have been used to collateralize a related reinsurance or retrocession contract, with funds held in a trust.
As we said, with now eight private cat bonds tracked from Eclipse Re this year, the total issued by the platform that we’ve seen has reached $218.2 million.
That is now running ahead of the $184.4 million from eight series of notes that we tracked in 2024, but still far behind the record $411.12 million from ten issues that we tracked from Eclipse Re in 2021.
Total listed private cat bond issuance has now reached $626.51 million year-to-date in 2025.
You can analyse private cat bond issuance by year in our chart that breaks down all our tracked issuance by type here.
2017 was the record year for private cat bonds tracked by Artemis, at just over $1.12 billion of issuance recorded.
View the details of every private cat bond issuance we’ve tracked by flitering our extensive cat bond Deal Directory.
Analyse private catastrophe bond issuance by year using our interactive chart.
You can view details of every private cat bond we’ve tracked by filtering our Deal Directory to see private ILS transactions only.
All of our catastrophe bond market charts and visualisations are up-to-date and include data on new cat bond transactions as they settle.
