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Public debt markets just got their first cyber-catastrophe bond

Long Walk Reinsurance has launched a $75m cyber-catastrophe bond in the public debt markets, marking the first of its kind. Sponsored by Axis Capital and oversubscribed, the bond will protect Axis and subsidiaries against cyber-security risks for two years. Investors in the bond are offered an annual return of 9.75% over a US Treasury money market fund. The financial market exchange of such bonds has until now been private.

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