AXIS Capital, the global specialty insurance and reinsurance underwriter, has returned to the catastrophe bond market aiming to secure $150 million or more in North American named storm and earthquake protection from a issuance, Artemis has learned.This new cat bond will be the seventh from AXIS Capital, all of them having been issued under the Northshore Re brand..The company is seeking $150 million or more in retrocessional reinsurance from this Northshore Re II 2025-1 catastrophe bond, with the coverage set to protect the firm’s underwriting subsidiaries, including its AXIS Insurance arm, reinsurer AXIS Re, as well as its E&S company and Lloyd’s syndicates, we are told.

AXIS Capital is again utilising its Northshore Re II Ltd.Bermuda based special purpose insurer (SPI) for this 2025 cat bond.Northshore Re II Ltd.

is targeting issuance of a single tranche of Series 2025-1 Class A notes that will be sold to investors and the proceeds used to collateralize a retrocessional agreement between the SPI and AXIS itself.This reinsurance coverage will provide AXIS and subsidiaries with multi-year and fully-collateralized protection against losses from US named storms (inc.Puerto Rico & Virgin Islands), as well as U.S.

& Canada earthquake risks, we understand.This protection will run across a three year term to April 7th 2028, sources said, with three annual risk periods running from April 1st to March 31st each year.The cat bond is structured to provide per-occurrence protection on a territory-weighted industry loss trigger basis, we are told, unlike that provided it with aggregate protection.

The $150 million or more in Series 2025-1 Class A notes that are being offered with have an initial attachment probability of 2.67% and an initial expected loss of 2.1%, while they are being offered to cat bond funds and investors with price guidance in a range from 5% to 5.75%, we have learned.It’s encouraging to see AXIS Capital continuing to look to the cat bond market to protect its peak natural peril exposures.The company has of course pulled back from property cat underwriting in recent years, but continues to have exposure to major named storm and quake events through its broad underwriting book.

You can read all about this catastrophe bond from AXIS Capital and every other cat bond deal ever issued in the extensive Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.