PoleStar Re Ltd. Series 2024-3

Beazley’s Group Chief Underwriting Officer Paul Bantick explained this morning how the company has prepared itself to respond to the evolving cyber threat landscape, laying out the importance of its reinsurance and cyber insurance-linked securities (ILS) protection, while also providing an insight into its exposure to recent events.

With Beazley reporting nine-month results today, CEO Adrian Cox explained during an analyst call that the company saw an opportunity this summer to bulk-up its cyber protection through industry-loss warranty (ILW) arrangements and PoleStar Re catastrophe bonds.

While it has been growing its cyber underwriting business, specialist insurer Beazley has also implemented a robust hedging strategy to control the tail, recently securing a $290 million cyber industry loss warranty (ILW) cover and securing its third PoleStar Re cyber catastrophe bond.

Beazley has now secured its latest cyber catastrophe bond and further upsized the transaction to provide even more in reinsurance, with the PoleStar Re Ltd. (Series 2024-3) issuance set to price at $210 million in size for the company, Artemis has learned.

Beazley is aiming to more than double the size of its latest cyber catastrophe bond, with the PoleStar Re Ltd. (Series 2024-3) issuance now targeted to secure $200 million in reinsurance protection, Artemis has learned.

Beazley is back in the 144A catastrophe bond market and looking to extend its cyber reinsurance tower with the support of the capital markets, seeking a $75 million or larger PoleStar Re Ltd. (Series 2024-3) cyber catastrophe bond issuance, Artemis has learned.