Artex SAC Limited – Series GX Notes

A new private catastrophe bond issuance (or cat bond lite) has completed and listed in Bermuda using the Artex SAC Limited Note Program II. $50.228 million of Artex SAC Limited – Series GX Notes were listed on the Bermuda Stock Exchange (BSX).

This Series GX transaction consisting of $50.228 million of notes have been issued by the Artex SAC Limited vehicle using the ILS Note Program II and a GX Notes segregated account. The notes have been placed with qualified investors and listed on the Bermuda Stock Exchange (BSX) as insurance related securities, with a due date of April 5th 2019.

Typically these private cat bond transactions from the Artex platform involve peak property catastrophe reinsurance perils (often U.S.), with a cedent and investor opting to use a private ILS structure to securitise the risks into investable form, and usually feature triggers based either on an industry loss or an indemnity structure basis.