Lloyd’s of London insurer Beazley has launched the first cyber catastrophe bond, opening up one of the fastest-growing areas of the underwriting industry to investors as companies and governments seek to shield themselves from ransomware strikes.
The $45mn private bond will pay out to Beazley if total claims from a cyber attack on its clients exceed $300mn — a structure intended to give some protection to the insurer’s balance sheet from “remote probability catastrophe and systemic events”.
Adrian Cox, Beazley’s chief executive, told the Financial Times that the new instrument gave the insurer access to a much larger source of capital.
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