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The $50mn bond provides coverage against systemic cyber events in the US and District of Columbia. -
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.
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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 year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Chubb’s East Lane Re bond is the third cyber cat bond in 144A form to enter the market.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The $75mn cat bond is expected to close in late November.
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The CCRIF has paid out $265mn since its inception in 2007.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
