Insurer Gets New Backing As Cybercover Demand Grows
Law360, London (January 9, 2020, 1:55 PM GMT) -- London-based Beazley has taken on additional reinsurance to allow it to expand its cyberinsurance business, as demand for cover among corporate customers increases following several high-profile online attacks.
The deal with Renaissance Re will partially insulate the London market insurer from severe losses from multimillion-dollar insurance claims.
The backing comes from investors in the capital markets rather than standard reinsurance, giving Beazley access to capital “in excess of levels currently available in the traditional reinsurance market,” the company said in a statement.
Insurance-linked securities are an asset class that operates in a similar way to reinsurance, allowing insurers to protect themselves against major...
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