QBE closes new $250m catastrophe bond

QBE, a global insurance and reinsurance group headquartered in Australia, has successfully closed a new catastrophe bond through its special purpose insurer, Bridge Street Re Ltd.

As Reinsurance News understands, QBE’s two new Bermuda Class 4 entities, QBE Capital Ltd. and QBE Capital (Global) Ltd., served as cedents for the new catastrophe bond.

It is the firm’s first since 2013 and was successfully closed on January 8, 2025. Aon Securities LLC acted as the Sole Structuring Agent and Sole Bookrunner for the deal.

As per QBE, this is the first issuance of Notes for Bridge Street Re and provides the 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.

You can read more about this Bridge Street Re Ltd. (Series 2025-1) catastrophe bond, and all others, in the Deal Directory of our sister publication, Artemis.

Inder Singh, QBE Group Chief Financial Officer, commented, “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, said, “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.”

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