“Being a privately placed Section 4(2) cat bond, this Cairney deal as it is called, is akin to a transformed collateralised reinsurance deal that has been syndicated across a group of investors and securitized using a segregated cell of a special purpose insurance vehicle.”
See more about the $45 million bond here.
Source: Beazley’s cyber cat bond “Cairney” listed on the BSX – Artemis.bm