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The ILS market’s exposure could grow to $1.5bn by the time a major cyber cat event occurs. -
The reinsurer said it hopes to grow the size of the $13.75mn deal over time.
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Stefan Sperlich will lead the new unit as managing director.
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Revenue, country and industry sector drive modelled output divergence.
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Some $415mn of capacity entered the market last year.
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The client lacked options in the conventional insurance market.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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The $50mn bond provides coverage against systemic cyber events in the US and District of Columbia.
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George Mawdsley joins after more than 10 years at Securis, where he was tasked with structuring and origination of ILS risk.
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The carrier has also extended the redemption period by three years, to 31 March 2029.
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The transaction is the second cyber cat bond in 144A format to price and follows Axis’s Long Walk Re deal in November.
