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Beazley is a London-based specialty insurance and reinsurance company that has added a third cyber catastrophe bond. This brings its total cyber cat bond coverage up to $81.5m after it secured an additional $16.5m in cyber reinsurance through the capital markets via a Cairney III issue.
Adrian Cox (CEO of Beazley) said earlier this month that he expects to tap the capital markets in 2024 for additional cyber catastrophe bonds.
Artemis now knows that the third Cairney III transaction, worth $16.5m, was already planned to boost 2023’s cyber cat bond issues.
Beazley, the first private company to offer a Section 4(2) cyber-catastrophe bond of $45,000,000 was issued in January 2023.
That first Beazley cyber cat bond sourced the re/insurer with broad cyber reinsurance cover for remote probability catastrophic and systemic events, including tech errors & omissions (E&O) risks, across a roughly one-year term.
Beazley followed up on that.