PoleStar Re Ltd

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.

The successful second cyber catastrophe bond sponsored by Beazley, the $160 million PoleStar Re Ltd. (Series 2024-2) issuance that we reported on last Friday, is testament to the replicable 144A structure that has been created, according to Theo Norris, Head of Cyber ILS at Gallagher Securities.

Beazley has successfully sponsored a second 144A cyber catastrophe bond, securing a further $160 million in cyber reinsurance from a PoleStar Re Ltd. (Series 2024-2) issuance, which takes its total cyber cat bond cover to $300 million, Artemis has learned.

Having recently completed the issuance of its debut 144A cyber catastrophe bond issuance, the $140 million PoleStar Re Ltd. (Series 2024-1) deal, Beazley now intends to keep scaling its presence in the cyber insurance-linked securities (ILS) market, Paul Bantick, Global Head of Cyber at the company said today.

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.

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.

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.