Horseshoe Group & Rewire Launch Eclipse Re

February 28, 2017

Horseshoe Group and Rewire Securities LLC have announced the launch of Eclipse Re Ltd, a private syndicated collateralized reinsurance note platform that will “provide turnkey services to investors and sponsors worldwide looking to participate in collateralized reinsurance and transform the risk into a listed note form.”

A spokesperson said, “Horseshoe serves as the insurance manager and administrator for the Eclipse Re note, while Rewire will serve as structuring and placement agent. Horseshoe is a leader in innovative solutions for the [re]insurance marketplace with recognized expertise in ILS transformation, insurance management and advisory services.

“Rewire, is a US broker dealer focused on structuring and distributing catastrophe risk and other insurance classes to the alternative markets.

“Eclipse Re is a licensed Bermuda Special Purpose Insurer with a segregated account structure. It is an open platform which offers investors a conduit for their own private transactions with the benefit of syndication and liquidity.

“The A to Z platform solution includes structuring, placement, secondary liquidity and administration with standardized documentation. Sponsors will include insurers, reinsurers, corporates and funds who will benefit from issuance structured by Rewire and administered by Horseshoe.

“Eclipse Re notes can be structured in as little as 2 to 3 weeks and provide sponsors with a low cost and efficient way to access the ILS markets. Eclipse Re notes will be listed on the Bermuda Stock Exchange [BSX] and will be tradeable in the secondary market through the “rewireconnect” trading platform, ensuring investors have access to liquidity.

“Eclipse Re notes are intended to meet the growing preference and demands of cedant and
investor clients globally who seek alternatives to traditional transformers.

“The Eclipse Re note structure will provide the following: a note listed on a recognized securities exchange [the BSX]; potential liquidity by having the notes tradable in the secondary market, thus allowing investors whose investment mandate may give preference to tradable notes, to participate in collateralized reinsurance; investors will have the ability to purchase notes instead of illiquid private instruments available through traditional transformers; investors will have the ability to obtain market valuation of their risk positions.

“Concurrently with the formation of Eclipse Re, Horseshoe is pleased to announce that Horseshoe Corporate Services Ltd., has recently joined the Bermuda Stock Exchange [BSX] as a Listing Sponsor and will be the entity used to provide Listing Sponsor services to global clients, including Eclipse Re notes.”

Horseshoe Group CEO Andre Perez said, “As the leading full-service ILS service provider, Horseshoe continues its commitment to being responsive to clients’ needs and providing the highest level of innovative and efficient professional services.

“Eclipse Re will provide a vehicle for investors to participate in the collateralized reinsurance market with the benefit of liquidity not previously available through traditional platforms. We are excited to support the BSX as a Listing Sponsor and launching this product to expand our broad capabilities in the ILS marketplace.”

Rewire CEO Stefano Sola said, “Rewire’s key focus has been to bring more efficient solutions to sponsors and investors in the ILS market. Eclipse Re is the next step in the evolution of ILS products, allowing investors to hold a liquid note which can be traded through the Rewireconnect marketplace, while also minimizing cost and time-to-market for sponsors.

“We are excited to partner with Horseshoe and offer this product to corporates, governments, insurers, reinsurers and investors globally.”

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