"We expect this transaction will serve as a template that the catastrophe bond market will use to support the availability of cyber insurance capacity in the years to come," said Peter Vogt, Axis Capital's chief financial officer. Credit: max_776/stock.adobe.com
(Bloomberg) — For the first time, a cyber-catastrophe bond has made its way into public debt markets.
Long Walk Reinsurance Ltd. issued a $75 million so-called cat bond, sponsored by Axis Capital, to insure against "a cyber-catastrophe event" across its main underwriting units, the Bermuda-based firm said. The deal was oversubscribed, which "allowed us to tighten pricing," said Peter Vogt, Axis Capital's chief financial officer.
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