QBE Insurance Group Limited (“QBE Insurance Group”) announced today that QBE Capital Ltd. and QBE Capital (Global) Ltd. has successfully closed a new catastrophe bond through the issuance of the Series 2025-1 Class A Principal-at-Risk Variable Rate Notes by its Bridge Street Re Ltd. program (“Bridge Street Re”).
This is the first issuance of Notes for Bridge Street Re and provides QBE Insurance Group with $250 million of collateralized reinsurance protection for Named Storm and Earthquake Covered Events occurring in the fifty states of the United States, Puerto Rico, the U.S. Virgin Islands and the District of Columbia, and all provinces and territories of Canada, as reported by PCS, on an annual aggregate basis for the next three years.
Inder Singh QBE Group Chief Financial Officer said: “QBE Insurance Group is thrilled to now have in place this first issuance under the Bridge Street Re Catastrophe Bond program. Building on our recently evolved Bermudian balance sheet proposition, this highly successful issuance further enhances our capital management strategy.”
Chris Killourhy QBE Re Managing Director commented: “As we look to capitalize on high quality growth opportunities in the North American property catastrophe space, and bring additional capacity to our core cedants, this series is an important enabler and further diversifies our access to capital.”
The catastrophe bond was successfully closed on January 8, 2025. Aon Securities LLC acted as Sole Structuring Agent and Sole Bookrunner for the deal.
For further information contact:
Sandra Villanueva, Corporate Communications, QBE, 020 7105 5284, Sandra.Villanueva@qbe.com
Georgie Hall, Corporate Communications, QBE, 07890 647 808, Georgie.Hall@qbe.com
Alexis Burris, Corporate Communications, QBE, 0203 465 3921, Alexis.Burris@qbe.com
About QBE Re
QBE Re is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2023 was US$21.75 billion.
QBE Re was formed to bring together all of QBE’s global reinsurance capabilities, allowing us to provide a consistent, streamlined service to our clients. Today, we offer a range of Property, Casualty, Specialty and Life solutions to customers around the world from our offices in Bermuda, Brussels, Dubai, Dublin, London and New York.