Cyber insurance-linked securities news

International re/insurance giant Chubb is aiming to upsize its first cyber catastrophe bond deal by as much as 50%, Artemis has learned, with the East Lane Re VII Ltd. (Series 2024-1) transaction now targeted to provide the company $150 million in cyber reinsurance.

After Beazley pioneered the first privately placed cyber catastrophe bonds, it has been “pleasing” to witness recent cyber cat bond market developments, as the first 144A transactions came to market, Paul Bantick, Global Head of Cyber Risks at Beazley has said.

Over the next two decades, as the cyber insurance and reinsurance market grows, there is the potential for cyber insurance-linked securities (ILS) volumes to reach $100 billion, equalling where catastrophe risk in the capital market sits today, according to Mike Millette, Managing Partner at Hudson Structured Capital Management Ltd., and Board Member at CyberCube.

Beazley has now successfully priced its debut 144A cyber catastrophe bond issuance, with the PoleStar Re Ltd. (Series 2024-1) deal confirmed to provide the company with $140 million of cyber reinsurance, while the notes priced within but at the top-end of initial guidance.

Beazley has for a second time increased the target size of its debut 144A cyber catastrophe bond issuance, with the PoleStar Re Ltd. (Series 2024-1) deal now aimed to secure $140 million of cyber reinsurance for the company.

Taking into account the needs of insurance-linked securities (ILS) investors was a critical component of the work to get the industry’s first cyber catastrophe bond to market, and it was important to ensure the sponsor AXIS Capital’s coverage needs were also met, Kyle Freeman told Artemis in an interview.

Beazley, the London headquartered specialty insurance and reinsurance underwriter, is aiming to significantly increase the size of its debut 144A cyber catastrophe bond issuance,  with the PoleStar Re Ltd. (Series 2024-1) now targeted to secure the company $130 million of cyber reinsurance, a 73% upsizing from the initial offering size.

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.

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 […]

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.