{"id":46727,"date":"2026-04-09T23:00:45","date_gmt":"2026-04-09T23:00:45","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/46727\/"},"modified":"2026-04-09T23:00:45","modified_gmt":"2026-04-09T23:00:45","slug":"zurich-gets-upsized-150m-turicum-re-2026-1-cat-bond-priced-7-below-mid-guidance","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/46727\/","title":{"rendered":"Zurich gets upsized $150m Turicum Re 2026-1 cat bond priced 7% below mid-guidance"},"content":{"rendered":"

Zurich has now secured its upsized target of $150 million of US named storm and earthquake reinsurance protection from its Turicum Re Ltd. (Series 2026-1)<\/a> catastrophe bond, while the notes were priced to pay investors a spread roughly 7% below the mid-point of initial guidance, Artemis can report.
\"zurich-group-logo\"Zurich, the European headquartered global re\/insurance company, returned to the catastrophe bond market in late March<\/a>, seeking to sponsor its first issuance since 2012.<\/p>\n

The initial target was to secure $125 million or more of multi-year and fully-collateralized US named storm and earthquake reinsurance protection from this Turicum Re 2026-1 cat bond deal.<\/p>\n

As we then reported in our first update on this cat bond issuance<\/a>,\u00a0Zurich raised the target size for the Turicum Re 2026-1 Class A notes to between the initial $125 million and as much as $150 million, while at the same time and in line with price developments seen in the market, the notes saw their price guidance lowered.<\/p>\n

We\u2019re now told by sources that Zurich secured the upper-end of the size target for its first catastrophe bond sponsorship since 2012, while also securing the coverage at attractive and below-guidance pricing.<\/p>\n

Now, Bermuda-based structure Turicum Re Ltd. will proceed towards issuance of a $150 million tranche of Series 2026-1 Class A catastrophe bond notes, which are designed to provide Zurich entities with multi-year reinsurance protection against losses from US named storms and earthquakes.<\/p>\n

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

The Turicum Re Series 2026-1 Class A catastrophe bond notes upsized from their initial $125 million to $150 million in size during the offering of the transaction.<\/p>\n

The now confirmed as $150 million of Class A notes come with 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%.<\/p>\n

As we reported, the price guidance fell to a new range of between 15.75% and 16.75% and we\u2019re now told the Class A notes were priced to pay investors an initial risk interest spread of 15.75%, so the bottom end of reduced guidance and around 7% down from the mid-point of the initially offered range.<\/p>\n

Which indicates a strong result for Zurich on its first venture back into the catastrophe bond market in over 13 years.<\/p>\n

Zurich had first been seen as a sponsor in the cat bond market 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

It\u2019s encouraging to see a major player like Zurich returning to the catastrophe bond market and seeing value in the efficient, multi-year reinsurance protection the capital markets can provide.<\/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


\n \"Print
\n <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Zurich has now secured its upsized target of $150 million of US named storm and earthquake reinsurance protection…\n","protected":false},"author":2,"featured_media":45405,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[2569,2570,1997,1341,23026,23027,51],"class_list":{"0":"post-46727","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zurich","8":"tag-cat-bond","9":"tag-catastrophe-bond","10":"tag-insurance-linked-securities","11":"tag-reinsurance","12":"tag-turicum-re-ltd","13":"tag-turicum-re-ltd-series-2026-1","14":"tag-zurich"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116377237944539677","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/46727","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=46727"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/46727\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/45405"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=46727"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=46727"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=46727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}