Beazley
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The deal will provide coverage for named storm and earthquake events in the US, Canada and parts of the Caribbean. -
The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
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The carrier is seeking wind and quake coverage for Lloyd’s syndicates 623, 2623 and 3623, Beazley E&S Inc. and Beazley Insurance.
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The 144A cyber cat bond deal has increased in size from an initial target of $75mn.
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The pricing for the Class A notes has also adjusted to 1300bps.
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The bond is being issued via the Lloyd’s London Bridge 2 PCC Limited structure.
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PoleStar Re will provide worldwide coverage for any cyber event or series of cyber events.
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The Smart Tracker Syndicate 5623 was established with the aim of delivering a ‘smart beta’ portfolio to investors.
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A total of $386mn has been issued in private cat bond deals this year.
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This came after the firm said it had begun the process of moving its US E&S business off its Lloyd’s paper as it sets up a new E&S carrier.
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The carrier reported a 66% increase in GWP for its property business.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
