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The transaction is the first proportional deal for cyber risk in the capital markets. -
Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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Scott Stephenson, former chairman, president and CEO of Verisk, will join CyberCube’s board after participating in the funding round.
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The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology.
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The deal will bring cyber modelling and analytics to the risk transfer market.
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Cyber risk ILS will grow slowly in the short-to-medium term, S&P Global Ratings has predicted.
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Envelop anticipates that cyber ILS could hit $100mn of GWP within four years
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Guy Carpenter, Aon and Gallagher Re are each understood to be preparing to enter the nascent sector.
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The follow-only vehicle initially launched in January with a more limited set of permissions.
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Experts say cyber ILS offerings including cat bonds could be near, but concerns over structures, modelling and correlation persist.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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The move reflects the firm’s growing interest in risks beyond nat cat.
