{"id":45404,"date":"2026-04-07T16:01:07","date_gmt":"2026-04-07T16:01:07","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/45404\/"},"modified":"2026-04-07T16:01:07","modified_gmt":"2026-04-07T16:01:07","slug":"zurich-lifts-turicum-re-2026-1-cat-bond-target-up-to-150m-at-lower-pricing","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/45404\/","title":{"rendered":"Zurich lifts Turicum Re 2026-1 cat bond target up to $150m, at lower pricing"},"content":{"rendered":"

Zurich, the European headquartered global re\/insurance company, is now aiming to secure up to $150 million of US named storm and earthquake reinsurance protection from its\u00a0Turicum Re Ltd. (Series 2026-1)<\/a> issuance, while the price guidance has been lowered for the notes on offer, Artemis can report.
\"zurich-group-logo\"Zurich was first seen as a sponsor in the cat bond market back in 2001, and went on to return a number of times up to its last Lakeside Re issuance in late 2012, according to our records in the\u00a0Artemis Deal Directory.<\/a><\/p>\n

Then, after more than 13 years, Zurich made its return to the catastrophe bond market in late March, marking the company\u2019s first time in the market since 2012.<\/p>\n

Initially, the re\/insurer was seeking $125 million or more<\/a> in US named storm and earthquake reinsurance protection from this Turicum Re 2026-1 deal.<\/p>\n

Now, we\u2019ve learned that Zurich is targeting between the initial $125 million and as much as $150 million of reinsurance from these Turicum Re 2026-1 cat bond notes.<\/p>\n

At the same time, in line with the price developments being seen in the market, the tranche of notes on offer have seen their price guidance lowered, we understand.<\/p>\n

The 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.<\/p>\n

As we explained in our previous article, the reinsurance protection will also benefit inter-company pooling members of the Zurich group.<\/p>\n

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

What was a $125 million tranche of Class A cat bond notes, are now being offered at between $125 million and $150 million in size.<\/p>\n

These 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

These notes come with an initial attachment probability of 9.22%, an initial base expected loss of 7.88% and were first offered to investors with price guidance for a risk interest spread in a range from 16.75% to 17.25%, but that has now fallen to a new range of between 15.75% and 16.75%, sources said<\/p>\n

As a result, it seems there is a strong chance Zurich will look to secure more than its initially targeted reinsurance from its latest catastrophe bond, and at lower pricing than the initial guidance.<\/p>\n

As a reminder, you can read all about this new\u00a0Turicum Re Ltd. (Series 2026-1)<\/a>\u00a0catastrophe bond and every other cat bond transaction ever issued in the extensive\u00a0Artemis Deal Directory<\/a>.<\/p>\n


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