{"id":39376,"date":"2026-03-26T20:19:12","date_gmt":"2026-03-26T20:19:12","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/39376\/"},"modified":"2026-03-26T20:19:12","modified_gmt":"2026-03-26T20:19:12","slug":"zurich-to-sponsor-first-catastrophe-bond-since-2012-with-125m-turicum-re-ltd","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/39376\/","title":{"rendered":"Zurich to sponsor first catastrophe bond since 2012 with $125m Turicum Re Ltd."},"content":{"rendered":"

Zurich, the European headquartered global re\/insurance company, has returned to the catastrophe bond market to sponsor its first deal since late 2012, seeking $125 million or more in US named storm and earthquake reinsurance protection with a Turicum Re Ltd. (Series 2026-1)<\/a> issuance, Artemis can report.
\"zurich-group-logo\"Zurich was first seen as a sponsor in the catastrophe bond market way back in 2001, returning a number of times up to its last Lakeside Re issuance in late 2012, according to our records in the Artemis Deal Directory<\/a>.<\/p>\n

Since then, the global insurance and reinsurance company has been absent from the market as a ceding entity or sponsor to natural catastrophe bonds, until 2026.<\/p>\n

Turicum Re Ltd. has been established in Bermuda for issuing catastrophe bonds and with this first Series 2026-1 issuance the sponsor or cedent is said to be Zurich American Insurance, often better known as one of the main underwriting entities of Zurich North America.<\/p>\n

We\u2019re told that Turicum Re Ltd. is set to offer a single Class A tranche of Series 2026-1 notes to cat bond investors, with the proceeds from their sale set to collateralize a reinsurance agreement with Zurich American Insurance.<\/p>\n

The currently $125 million of Turicum Re Series 2026-1 Class A catastrophe bond notes are designed to provide Zurich American with multi-year reinsurance protection against losses from US named storms and earthquakes.\u00a0The reinsurance protection will also benefit inter-company pooling members of the Zurich group, we understand.<\/p>\n

The protection will be structured on an indemnity trigger and per-occurrence basis and will run across a roughly three-year term to April 2029, we understand.<\/p>\n

The $125 million of Turicum Re Series 2026-1 Class A cat bond notes would attach their coverage at $650 million of losses to the cedent and protect a share of losses up to exhaustion at $850 million.<\/p>\n

The Class A notes will come with an initial attachment probability of 9.22%, an initial base expected loss of 7.88% and the cat bond is being offered to investors with price guidance for a risk interest spread in a range from 16.75% to 17.25%, sources said.<\/p>\n

Which is a relatively high attachment probability, expected loss and spread for the cat bond market, which alongside the well-known and respected stature of the sponsor Zurich may well make this first Turicum Re offering attractive to cat bond fund managers and investors.<\/p>\n

It\u2019s good to see a major player like Zurich returning to the catastrophe bond market in 2026, as it shows the company recognising the efficiency, multi-year nature and currently attractive price dynamics of cat bond coverage, as an addition to its reinsurance tower.<\/p>\n

In February we reported on Zurich\u2019s main catastrophe reinsurance renewals, including its tower and a renewal of aggregate coverage<\/a>. This new cat bond will add to the firm\u2019s protection, while also diversifying its sources of risk capital.<\/p>\n

You can read all about this new Turicum Re Ltd. (Series 2026-1)<\/a> catastrophe bond and every other cat bond transaction ever issued in the extensive Artemis Deal Directory<\/a>.<\/p>\n


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