Specialist insurer Beazley and global reinsurer RenaissanceRe have jointly launched a new reinsurance product providing Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital sources structured by RenaissanceRe. This placing of cyber catastrophe risk into the capital markets opens up a new, larger source of capital to support Beazley's rapidly growing affirmative cyber offering in excess of levels currently available in the traditional reinsurance market.

By combining RenaissanceRe's long track record of matching risk to capital to create innovative solutions for the market with Beazley's considerable cyber expertise and claims data, the companies have launched one of the first cyber catastrophe insurance solutions backed by the capital markets.