Reinsurance

Dubbed “Cairney,” Beazley’s new Cyber Cat Bond Listed on Bermuda Stock Exchange (BSX) 

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“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 … Read more

Here’s the First Reported “Cyber Catastrophe Bond,” from Beazley 

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We recently wrote about the market anticipation of a trade-able 144a Catastrophe (“Cat”) Bond. Now Beazley, a London-based specialist insurer, has launched something related, the first-ever cyber catastrophe bond. The $45 million bond gives Beazley indemnity for all risks in excess of a $300 million catastrophic event and is backed by a group of insurance-linked … Read more

When Does It Make Sense to Use Captives for Cyber Insurance? 

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This report, written by the team @TheGrahamCo, casts doubt on using a “new captive” for cyber risk, as captives are commonly used for “high-frequency, low-severity” claims, while cyber attacks are often low-frequency and high-severity. Captives make more sense if they’re “mature” and have enough surplus capital to cover substantial losses. “If your organization has a … Read more

Movement to More Effective Underwriting of Cyber (Re)Insurance: CyberCube Provides Risk Exposure Databases 

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CyberCube says it’s offering the first detailed Industry Exposure Databases (IED), which allow (re)insurers and brokers to quantify real-time cyber risks. “The first release of CyberCube’s Exposure Databases focuses on US standalone cyber insurance and represents the global insurance industry’s exposure and risk to US companies. These Exposure Databases can provide (re)insurers and brokers with … Read more

Re to the Rescue: BDT Capital Forms “Ferian Re” with Cyber Insurer Coalition 

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The cyber insurance industry needs reinsurance capital to keep growing. Coalition partnered with BDT Capital to form this  independent Bermuda-based Class 3B reinsurer. “Joshua Motta, founder and CEO of Coalition, added, ‘The rapid growth of the cyber insurance industry has outpaced the supply of reinsurance capital. We’re excited for Ferian Re to bring alternative capital … Read more

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