Long Walk Reinsurance Ltd. Series 2023-1

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.

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.

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.

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.

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.

Specialty re/insurer AXIS Capital is set to become the sponsor of the market’s very first 144a cyber catastrophe bond, with a $75 million Long Walk Reinsurance Ltd. (Series 2024-1) transaction being marketed to insurance-linked securities (ILS) funds and investors, Artemis can reveal.