Artex SAC

Beazley, the London headquartered specialty insurance and reinsurance underwriter, 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.

Having already sponsored two privately placed catastrophe bond issuances in 2023, Adrian Cox, the CEO of Beazley, the London headquartered specialty insurance and reinsurance underwriter, said he anticipates the company tapping the capital markets for more cyber reinsurance capacity in 2024.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, has successfully sponsored its second cyber catastrophe bond, Artemis has learned from sources, with the firm topping up its debut cyber cat bond using a second segregated cell to add $20 million of fresh reinsurance cover, through a Cairney II issuance.

The just over $45 million of private cyber catastrophe bond notes issued, by the Artex SAC vehicle using its segregated account named Cairney on behalf of sponsor Beazley, have now been listed on the Bermuda Stock Exchange (BSX).

Artex Risk Solutions’ segregated account reinsurance transformer platform, Artex SAC Limited, has completed another new private catastrophe bond issuance, with a $100 million Artex SAC Limited – Bricolage Notes transaction placed privately with qualified investors.

Two tranches of privately placed catastrophe bond notes from the $250 million Artex SAC Limited – Aquarelle Notes transaction that came to market in 2021 and was thought to be the largest private cat bond ever, have been through a variable reset process at the request of the ceding insurer.

We can now report that it was Toa Re Europe, the Switzerland-based European reinsurance arm of Japanese group Toa Reinsurance Company Ltd., that sponsored the recent $25 million Artex SAC Limited – Silver Crane Notes private catastrophe bond transaction, as it looks to expand its relationships with ILS investor markets.

The Artex Risk Solutions owned segregated account reinsurance transformer platform, Artex SAC Limited, has completed issuance of a new private catastrophe bond, with a $25 million Artex SAC Limited – Silver Crane Notes transaction coming to market.

A new issuance of privately placed catastrophe bond notes, named after their segregated account as Aquarelle, is likely to be, at $250 million in size, the largest private cat bond or insurance-linked securities (ILS) placement ever issued.

The Artex Risk Solutions owned segregated account reinsurance transformer platform, Artex SAC Limited, has completed issuance of the first private catastrophe bond seen from the vehicle in 2020, with a $30 million Artex SAC Limited – Tenby Notes transaction.