ILS cyber catastrophe bond issue favorable for reinsurers: Fitch

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.