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The client lacked options in the conventional insurance market. -
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 insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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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.
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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 business will service clients in the agriculture, renewable energy and construction industries.
