The recently launched cyber catastrophe bond from specialist insurer and reinsurer, Beazley, is a welcome innovation and an important addition to insurer’s “armoury against systemic risk,” according to Julian Miller, a London-based Partner at law firm DAC Beachcroft.
In early January, London headquartered Beazley announced the launch of the market’s first cyber cat bond; a $45 million transaction which provides the firm with indemnity reinsurance protection against all perils in excess of a $300 million cyber catastrophe event.
