Zurich closes Turicum Re 2026-1, successfully returning to the catastrophe bond market
$150M catastrophe bond for U.S. named storm and earthquake adds flexibility in reinsurance protection. Strong investor response reflects Zurich’s reputation as a disciplined P&C underwriter.
Zurich has returned to the cat bond market, successfully closing a $150 million catastrophe bond as part of its diversified natural catastrophe risk reinsurance strategy. As an insurance-linked security, the Turicum Re 2026-1 bond provides another source of multi-year reinsurance protection against losses from U.S. named storms and earthquakes.
The bond is structured on a per occurrence basis and with an indemnity trigger. The strong risk quality of Zurich’s Property portfolio made the offering attractive to investors, enabling Zurich to successfully close the bond at Zurich’s target capacity and below guidance pricing.
“Turicum Re enables Zurich to re-establish its presence and reputation in the growing and important ILS market,” said Paolo Mantero, Head of Group Reinsurance for Zurich. “Insurance-linked securities are an established and strategic source of reinsurance capacity that can provide additional flexibility and cost efficiency, complementing Zurich’s traditional reinsurance relationships.”
“The successful placement of the cat bond is the result of the great work Zurich has done in managing its nat-cat exposure while growing its market share in the property market,” said James Bracken, Chief Financial Officer of Zurich North America. “We view this as an important tool to continue to confidently offer best-in-class property protection to our commercial customers.”
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