Specialty insurer Beazley has secured $300 million in cyber reinsurance protection through its latest cyber catastrophe bond, PoleStar Re Ltd. (Series 2026-1).
This is the fourth and largest 144A cyber disaster bond issued by Beazley, a subsidiary of PoleStar Re Ltd.
This means the insurer has $670 million in cyber catastrophe bonds and more than $1 billion in cyber excess loss coverage as of now, making it the largest and most comprehensive program in the market, the company said.
PoleStar Re Ltd. (Series 2026-1), issued through a Bermuda-registered special purpose company, provides companies with protection against remote probabilistic catastrophic and systemic cyber events. In addition, which Beazley said is the first of its kind for a cyber bond, the structure includes three sub-tiers with maturities of three years until the end of 2028.
The latest transaction in a series of Beazley’s cyber insurance-linked securities (ILS) bonds follows an announcement in November that the operator will establish a cyber ILS fund in 2026, as the company looks to move beyond cybercat bond issuance and towards the securitization and transformation of cyber risks.
“Investor interest in our cyber catastrophe bond offerings remains strong, and this latest bond demonstrates our ability to drive continued growth in the cyber ILS market,” said Paul Bantick, chief underwriting officer at Beazley.
“We will use our new office in Bermuda in 2026 to take the next step in becoming a leader in cyber venture capital, transformation and securitization in the broader market. This is an exciting time in the world of cyber ILS and I am delighted that Beazley continues to play a pioneering and leadership role,” he added.
Initially, Beazley hoped to obtain $200 million or more in excess loss cyber reinsurance protection through this cyber bond, but strong demand prompted the company to increase the target size to $280 million, ultimately securing $300 million.
For PoleStar Re Ltd. (Series 2026-1), Gallagher Securities is the sole structuring agent and serves as joint bookrunners with Aon. Risk modeling is provided by Moody’s RMS and a second risk view is provided by CyberCube. Law firm Mayer Brown served as transaction advisor for this transaction.
You can read all about this Internet Cat bond and all other bonds on the Artemis Trade Directory, which can be filtered by hazard to view only Internet trades.
