Cybersecurity
Public Debt Markets Just Got Their First Cyber-Catastrophe Bond
- Long Walk issues bond to insure against cyberattacks
- Cat bonds typically used for protection from severe weather
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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 Tuesday. The deal was oversubscribed, which “allowed us to tighten pricing,” said Peter Vogt, Axis Capital’s chief financial officer.