Specialty lines
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn. -
The deal is offering a multiple of 11.3x on the expected loss.
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The bond offers a multiple of 11.3x based on a modelled expected loss of 0.93%.
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The bond is offering a spread range of 950-1,050 basis points.
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Portfolios of clients of varying size in the same region aggregate more risk.
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Building better exposure datasets could draw a broader range of investors.
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The insurer currently has $300mn of reinsurance limit from cyber cat bonds.
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The July downtime will increase relevance, demand and innovation for the market.
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The carrier estimates the total industry loss for the Microsoft/CrowdStrike outage at around $1bn-$2bn.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The profile of the loss could provide comfort to investors around exposure diversification.
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