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Rapid growth of the cyber market suggests an increasing role for ILS, panellists said at Trading Risk Live.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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The Monetary Authority is also exploring initiatives to support pandemic, cyber and climate ILS, an official says.
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Syndicate 2358 may target lines such as cyber or terrorism. -
The ratings agency also said ILS capacity would ‘hold the line’ on returns following catastrophes.
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The ILS manager has no current plans to deploy investor capital in cyber underwriting risks.
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This is the first time the Bermuda-based ILS manager is known to have been linked to cyber risk deals.
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Hiscox sold the parametric cyber cover to an as-yet-undisclosed buyer.
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The firms said their relationship would see RenRe sourcing capital to provide Beazley with cyber catastrophe reinsurance cover.
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The biggest risks still stem from natural catastrophes, finance and geopolitical issues.
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Hudson Structured founder Michael Millette joins the board of directors after his company led the InsurTech’s latest funding round.
