AXIS Closes Market’s First 144A Cyber Catastrophe Bond
Retrieved on:
Tuesday, November 28, 2023
AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE: AXS) today announced that it has closed the market’s first 144A cyber catastrophe bond, a $75 million transaction providing several of the Company’s subsidiaries with fully collateralized indemnity reinsurance protection for systemic cyber events on a per occurrence basis.
Key Points:
- AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE: AXS) today announced that it has closed the market’s first 144A cyber catastrophe bond, a $75 million transaction providing several of the Company’s subsidiaries with fully collateralized indemnity reinsurance protection for systemic cyber events on a per occurrence basis.
- “Together with our partners Aon Securities, CyberCube and Sidley Austin, AXIS is proud that the ILS investor community has shown tremendous confidence in and acceptance of Long Walk, the first 144A cyber catastrophe bond, and our cyber underwriting capabilities.
- It received broad investor support, and illustrated the catastrophe bond investors’ ability to work with AXIS to pioneer a product that provides meaningful catastrophe-based cyber protection.
- There is strong insurer demand for the further development of this non-proportional product, and we commend AXIS Capital’s leadership in developing the catastrophe bond capacity.”
Pascal Millaire, CyberCube CEO, said: “We are proud to have supported AXIS in the world's first cyber 144A cat bond.