Cyber risks are seen as an area of opportunity and expansion for the insurance-linked securities (ILS) marketplace.
As demand for cyber insurance and cyber reinsurance grow, while there has been a general lack of cyber retrocession capacity, many are looking to the capital markets and ILS to fill the gaps.
The ILS market regularly discusses the potential for cyber ILS and cyber catastrophe bonds, while a number of companies have been exploring ceding more cyber insurance risk to the capital markets, using insurance-linked securities (ILS).
Swiss-headquartered fintech Cerchia has continued to build momentum around its capital markets focused direct risk transfer platform, with a particularly notable cyber trade, that saw a cyber industry-loss warranty (ILW) transacted using a PCS Global Cyber industry-loss index trigger.
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With AXIS Capital’s landmark $75 million Long Walk Reinsurance Ltd. (Series 2024-1) 144A cyber catastrophe bond issuance having closed this week, CFO Peter Vogt told Artemis that this opens up a new strategic capital source, that can support AXIS’ continued growth in cyber underwriting.
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Artemis has learned that a third full 144A cyber catastrophe bond is now in the market and this latest issuance is being sponsored by international insurance giant Chubb, as the company returns to the cat bond market for the first time since 2015, seeking $100 million or more in cyber reinsurance protection from an East […]
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AXIS Capital saw its landmark $75 million Long Walk Reinsurance Ltd. (Series 2023-1) 144A cyber catastrophe bond settle yesterday and CFO Peter Vogt hailed the support of the insurance-linked securities (ILS) investor community.
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Envelop Risk’s Capital Markets business continues to gain traction and the firm is close to deploying capital markets capacity via its Augmented Re Class 3A Reinsurer, says Co-Founder and Chief Executive Officer (CEO), Jonathan Spry.
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AXIS Capital, the Bermuda headquartered specialty re/insurer, has now successfully priced the very first 144a cyber catastrophe bond and the $75 million Long Walk Reinsurance Ltd. (Series 2024-1) transaction will complete with pricing below the initial target guidance, an important signal of ILS market appetite for cyber risks.
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Beazley, the London headquartered specialty insurance and reinsurance underwriter, has now entered the 144A catastrophe bond market with its first cyber deal, seeking $75 million in reinsurance from this PoleStar Re Ltd. (Series 2024-1) cyber cat bond issuance, Artemis can report.
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Specialty re/insurer AXIS Capital is now aiming to tighten the issuance pricing for the first 144a cyber catastrophe bond to hit the market, targeting a lower than guidance price for its still $75 million Long Walk Reinsurance Ltd. (Series 2024-1) transaction, Artemis has learned.
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While Beazley’s CEO said earlier this year that underwriting property risks is a “moving feast” because of climate change, the re/insurance company has not shied away, writing 63% more in property premiums so far this year in what it calls “exceptional” market conditions.
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Beazley, the London headquartered specialty insurance and reinsurance underwriter, is at an advanced stage of planning for its first full Rule 144a cyber catastrophe bond, with an issuance expected by year-end to tie in with the maturity of its private cyber ILS deals and its cyber reinsurance renewal for January 1 2024, Artemis has learned.
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