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ILS cyber catastrophe bond issue favorable for reinsurers: Fitch

Posted On: Feb. 1, 2023 9:54 AM CST

U.S.-based Fitch Ratings Inc. said that the cyber-risk transference by insurers and reinsurers to the capital markets through insurance-linked securities issuances indicate the potential for a wider reinsurance source for the risk, The Royal Gazette reported. The Beazley-sponsored ‘Cairney’ cyber bond of $45 million provide excess-of-loss coverage for claims exceeding an attachment point of $300 million.