Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital for the firm, according to a report by the Financial Times.
It’s been described as the first cyber catastrophe bond, and is structured to pay out if total claims from a cyber event on Beazley’s clients exceed $300 million.
