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The business will service clients in the agriculture, renewable energy and construction industries. -
The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The $75mn cat bond is expected to close in late November.
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The CCRIF has paid out $265mn since its inception in 2007.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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Cyber reinsurance has around $500mn of annual capacity currently supporting the space.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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Experts at the Trading Risk New York conference emphasised in-built cyber risk protections from defences to exclusions, as ILS managers grapple with understanding the peril.
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The mortgage insurer last closed a similar deal more than two years ago.
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