Gateway Re closes $150m cat bond on behalf of Auros

The class A notes will provide three years of cover against named storms in Louisiana, Mississippi, South Carolina and Texas

Gateway Re, the Bermudian special purpose insurer backed by US managing general underwriter SageSure, has closed a $150m catastrophe bond issuance for first-time cedant Auros Reciprocal Insurance Exchange and Elevate Reciprocal Exchange.