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In 2023, no other asset class produced a better-performing bet for hedge funds than cat bonds.
In 2023, cat bond issuance reached an all-time high of $16.4 billion, according to Artemis.
The bond protects Axis and its subsidiaries against systemic cyber shocks over a two-year period starting in January.
The Swiss Re Global Cat Bond Performance Index is up 18%, while the Bloomberg U.S. Treasury Index has dropped about 1%.
Cat bonds are rising in popularity as their returns trounce those of virtually all other debt markets.