QBE Insurance Group has finalized a new catastrophe bond, providing $400 million in collateralized reinsurance for named storms and earthquakes in the U.S., and earthquakes in Australia and New Zealand.

This marks the second issuance under QBE’s Bridge Street Re program (Series 2025-2), offering coverage on an indemnity trigger and per-occurrence basis over a three-year period. The bond closed on December 29, 2025, and coverage begins January 1, 2026.

QBE’s first catastrophe bond via Bridge Street Re, issued in January 2025, provided $250 million in collateralized reinsurance for named storms and earthquake events in the U.S., Puerto Rico, the U.S. Virgin Islands, the District of Columbia, and all Canadian provinces and territories, on an annual aggregate basis over three years.

“This transaction enables QBE to leverage the growing ILS market to complement traditional reinsurance and secure multi-year protection,” said Peter Burton, QBE Group Chief Underwriting Officer. “It also helps us build new relationships to manage peak peril exposures.”

Chris Killourhy, incoming Group Chief Financial Officer, added, “We’re thrilled to complete our second issuance under the Bridge Street Re program. This successful issuance diversifies our capital base and strengthens our overall capital management strategy.”

Aon Securities LLC acted as Sole Structuring Agent and Sole Bookrunner, while Willkie Farr & Gallagher LLP served as QBE’s transaction counsel.

Jordan Brown, Managing Director at Aon Securities, commented, “It’s great to see the ILS community participate in this innovative transaction, offering investors a globally diversified portfolio of well-underwritten commercial property insurance risk. The execution reflects QBE’s standing as a leading global commercial and specialty lines insurer.”