There is plenty more to come for the Cyber ILS market: Norris, Gallagher Securities
- August 23, 2025
- Posted by: Jack Willard
- Category: Insurance
With Beazley securing an additional $160 million of reinsurance with its second 144A cyber catastrophe bond, PoleStar Re Ltd. (Series 2024-2), as we reported last Friday, Theo Norris, Head of Cyber ILS, Gallagher Securities, has said that there is “plenty more to come for the Cyber ILS market.”
Gallagher Securities, the sole structuring agent and bookrunner for the latest Beazley deal, is the capital markets and insurance-linked securities (ILS) arm of reinsurance broker Gallagher Re.
As we reported last week, this $160 million cyber cat bond transaction is viewed as an extension of PoleStar Re 2024-1, Beazley’s debut 144A cyber cat bond that was issued in December 2023, and now takes the company’s cyber cat bond coverage to $300 million.
Moreover, Gallagher Securities explained that the broker-dealer has now been responsible for over 50% of the cyber cat bond limit outstanding, given that the firm led both of the Beazley deals.
The company noted that cyber cat bonds are becoming a regular product offering and complement the property class for investors.
Gallagher Securities’ Head of Cyber ILS, Theo Norris, commented: “This is testament to the compelling and replicable structure developed in PoleStar Re. There is plenty more to come for the Cyber ILS market, and the trajectory of diversifying capital entering the space is exciting for cedants and investors alike”.
Ian Newman, Head of Cyber at Gallagher Re, said: “We have been accessing the capital markets in cyber insurance since 2017, and its remarkable how far we’ve come. Cyber truly is investable with the right structure and knowledge. We remain dedicated to developing further Cyber ILS products for the capital benefit of our clients.”
Gallagher Securities said that the investor community has become “more engaged with cyber-related investments in recent months and is rapidly developing its understanding of the risk class – from modelling to cyber security and mitigation.”
As well as this, the company also noted that its work in cyber cat bonds and ILS has now “attracted discussions with other capital-constrained cedants looking to solve their capacity needs.”
This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.
