SureChoice and Elevate raise $100mn of named storm limit with Gateway Re
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SureChoice and Elevate raise $100mn of named storm limit with Gateway Re

cloud storm sky with thunderbolt over rural landscape

SureChoice and Elevate have secured $100mn of named storm limit with their Gateway Re zero-coupon 2023-2 bond, with the final price settling at 91.5% of principal, this publication understands.

This gives an effective coupon of 9.3% on the deal.

The Class C notes transaction had upsized by a third from an initial target of $75mn, while the pricing has adjusted down twice, first to 90%-91%, then to 91%-91.5%.

The

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