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Beazley cyber cat bond (Cairney III)

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Beazley cyber cat bond (Cairney III) – At a glance:

  • Issuer: Artex SAC Limited
  • Cedent / sponsor: Beazley
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: CyberCube model
  • Risks / perils covered: Cyber risks
  • Size: $16.5m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: Sep 2023

Beazley cyber cat bond (Cairney III) – Full details:

Beazley has now added a third privately placed cyber catastrophe bond, taking its cyber cat bond coverage to $81.5 million after securing a further $16.5 million in cyber reinsurance from the capital markets through a Cairney III issuance.

The Beazley cyber cat bonds are privately placed Section 4(2) issuances, using as their special purpose insurer (SPI) the Artex Risk Solutions owned and operated segregated account reinsurance transformer platform, named Artex SAC Limited, acting on behalf of a segregated account, or cell.

Now, a third has come to light, with Beazley sponsoring another $16.5 million Section 4(2) cyber cat bond issuance, using a segregated account named Cairney III, of the same Artex SAC vehicle.

We’re told the reinsurance coverage is for the same type of cyber risks as the other Cairney deals and that the notes will run to the same maturity date.

So once again, this appears an extension of the cyber catastrophe bond coverage from the first two Cairney deals, as the maturity date is the same, being January 8th 2024.

It means that Beazley now has $81.5 million of cyber reinsurance, in cyber cat bond form, running to the end of 2023, with final maturity on Jan 8th 2024.

Like the first two Beazley cyber cat bonds, we presume that Gallagher Securities acted as the sole structuring agent & bookrunner, while CyberCube provided the risk modelling.

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