QBE Insurance Sponsors US$400M Catastrophe Bond via Bridge Street Program

QBE Insurance Group announced it has closed a new catastrophe bond, which provides the re/insurer with $400 million of collateralized reinsurance cover for named storms and earthquakes in the US and earthquakes in Australia and New Zealand.

This deal marks the second issuance of notes (Series 2025-2) via QBE’s Bridge Street Re program, which provides cover on an indemnity trigger and per-occurrence basis, over a three-year term. The catastrophe bond was closed on December 29, 2025 and incepts on January 1, 2026.

QBE’s first catastrophe bond issued via Bridge Street Re in January 2025, provided QBE with $250 million of collateralized reinsurance for named storms and earthquake covered events in the US, Puerto Rico, the US Virgin Islands and the District of Columbia, as well as all provinces and territories of Canada on an annual aggregate basis over a three-year period.

“This transaction enables QBE to leverage the growing ILS market to complement our traditional reinsurance placement and secure multi-year protection. By using such products, we develop new relationships to meet our overall risk transfer needs for peak peril exposures,” commented Peter Burton, QBE Group Chief Underwriting Officer.

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

Aon Securities LLC acted as Sole Structuring Agent and Sole Bookrunner for the deal. Willkie Farr & Gallagher LLP acted as transaction counsel to QBE.

“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,” said Jordan Brown, managing director, Aon Securities. “The ultimate execution is reflective of QBE’s reputation in the market as a leading commercial and specialty lines insurer, globally.”