Swiss Re Insurance-Linked Fund Management

Original Risk: A Society for Change Agents

Artex SAC platform issues $50.228m of Series GX private cat bond notes


The Artex Risk Solutions owned segregated account reinsurance transformer platform has issued a new private catastrophe bond, with $50.228 million of notes issued in an Artex SAC Limited – Series GX Notes deal.

The private cat bond transaction has been completed, issued and listed in Bermuda using the Artex SAC Limited vehicle and its ILS Note Program II.

Details on the underlying reinsurance or retrocession transaction are limited for this latest private cat bond or ILS deal from the Artex Risk Solutions issuance platform, as it has been privately arranged and issued for an unknown sponsor.

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.

These transactions can involve an established insurance-linked securities (ILS) fund manager, or an individual or club group of investors, seeking to access risk from a transformed collateralised reinsurance contract or industry loss warranty (ILW) in a securitised cat bond format to meet investment fund mandates.

The Artex SAC Limited vehicle and its associated note programs help ILS investors and ILS fund managers to access reinsurance linked risks in securitised, cat bond-like form more cheaply and from smaller deals than are typically seen in the main 144A cat bond market.

We’ve added this new Artex SAC Limited – Series GX Notes private cat bond to our Deal Directory which contains details of every catastrophe bond issued to date.

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