Artex SAC Limited – Series HX Notes – Full details:
The latest private catastrophe bond issuance (or cat bond lite) has been completed and listed in Bermuda using the Artex SAC Limited Note Program II. In this transaction, the fifth we’ve listed in our Directory from this issuer, $50.22 million of Artex SAC Limited – Series HX Notes were listed on the Bermuda Stock Exchange (BSX).
This Series HX 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 HX 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 7th 2020.
Typically these private cat bond transactions from the Artex platform involve peak property catastrophe reinsurance perils (normally U.S. focused), 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.
These private cat bond issuance platforms provide an efficient way for cedants and investors to achieve the risk transfer and securitisation of the resulting investment.