SageSure, GeoVera Nova Close $200M Debut Cat Bond
SageSure Holdings, LLC, the largest U.S. residential property MGU focused on catastrophe‑exposed markets, and GeoVera Nova Holdings, Inc., a specialist in earthquake, wind, and property insurance solutions, have closed the inaugural Meritage Re Ltd. Series 2026‑1 catastrophe bond at $200 million.
The transaction marks the first issuance from Meritage Re, a newly formed Bermuda special purpose vehicle, and the first U.S. named storm cat bond for the three ceding companies overseen by GeoVera Nova.
The bond will provide three years of protection against certain U.S. named storm losses for SageSure’s carrier partners: GeoVera Insurance Company, GeoVera Specialty Insurance Company, and Safeport Insurance Company.
“By leveraging capital markets for hurricane protection, we are further diversifying our reinsurance program and strengthening our ability to provide stable, reliable capacity in catastrophe-prone regions,” said John Forney, President and CEO of GeoVera Nova.
Swiss Re Capital Markets Corporation served as sole structuring agent and bookrunner on the transaction.