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Artex SAC Limited – Series IX Notes

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Artex SAC Limited – Series IX Notes – At a glance:

  • Issuer: Artex SAC Limited
  • Cedent / sponsor: Unknown
  • Placement / structuring agent/s: Unknown
  • Risk modelling / calculation agents etc: Unknown
  • Risks / perils covered: Unknown property catastrophe risks
  • Size: $50.26m
  • Trigger type: Unknown
  • Ratings: NR
  • Date of issue: Dec 2019

Artex SAC Limited – Series IX Notes – Full details:

This is the first private catastrophe bond issued in 2019 under the Artex SAC Limited series of transactions.

This private cat bond issuance (or cat bond lite) has been completed and listed in Bermuda using the Artex SAC Limited Note Program II.

This transaction is the sixth we’ve listed in our Directory from the Artex owned segregated account company issuer and features $50.26 million of Artex SAC Limited – Series IX Notes that have been listed on the Bermuda Stock Exchange (BSX).

The notes are due April 7th 2022.

As ever, we assume these notes feature property catastrophe risks and likely represent the securitisation of either an indemnity or industry loss triggered collateralised reinsurance or retrocession transaction that has been securitised to make the investment compatible with certain ILS funds or investor mandates, offering secondary liquidity options as well.

This Series IX transaction consists of precisely $50.225 million of notes that were issued using the Artex SAC Limited vehicle and its ILS Note Program II, on behalf of an IX 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 2022.

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, like the Artex SAC vehicle, provide an efficient way for cedants and investors to achieve the risk transfer and securitisation of the resulting investment.

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