The Bermuda Stock Exchange announced on Monday that QBE Insurance Group Limited closed a new catastrophe bond through the issuance of the Series 2025-2 Class A Principal-at-Risk Variable Rate Notes by its Bridge Street Re Ltd programme.

Conyers Securities (Bermuda) Limited was the listing sponsor on the BSX.

This is the second issuance of Notes for Bridge Street Re and provides QBE Insurance Group with three-year $400 million of collateralised reinsurance protection for US named storms, US earthquakes, Australia earthquakes and New Zealand earthquakes on an indemnity per occurrence basis.

Peter Burton, QBE Group chief underwriting officer, commented: “This transaction enables QBE to leverage the growing ILS market to complement our traditional reinsurance placement and secure multiyear protection. By using such products, we develop new relationships to meet our overall risk transfer needs for peak peril exposures.”

Chris Killourhy, incoming QBE Group chief financial officer, said: “QBE Insurance Group is thrilled to complete its second issuance under the Bridge Street Re Catastrophe Bond programme. This highly successful issuance diversifies our capital providers and further enhances our capital management strategy.”

Jordan Brown, managing director, Aon Securities LLC, commented: “We are proud to have supported QBE on the recent indemnity cat bond issuance. We are pleased to see the ILS community participate in a novel transaction that provides investors with a globally diversified portfolio of well underwritten commercial property insurance risk. The ultimate execution is reflective of QBE’s reputation in the market as a leading commercial and specialty lines insurer, globally.”

Aon Securities LLC acted as sole structuring agent and sole bookrunner for the deal. Willkie Farr & Gallagher LLP acted as transaction counsel to QBE.