Specialist insurer Beazley and global reinsurer RenaissanceRe have partnered to launch a new reinsurance product that provides Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital sources structured by RenaissanceRe, the companies said.
The firms believe the deal opens up a new, larger source of capital to support Beazley’s cyber offering in excess of levels currently available in the traditional reinsurance market. The product is one of the first cyber catastrophe insurance products backed by the capital markets.
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