The reinsurance coverage will give Beazley additional catastrophe coverage for cyber events, with most of the security behind the deal provided by capital sources structured by RenaissanceRe, the companies said in a joint statement.

“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,” according to the statement.

The collateralized reinsurance arrangement covers the whole of Beazley’s affirmative cyber book, a spokeswoman for Beazley said.

“As the scale of the cyber threat to businesses continues to intensify, the challenge to the insurance industry is to ensure we continue to provide cover that responds as the risk evolves and capacity that is commensurate to the size of the risk,” Adrian Cox, Beazley chief underwriting officer, said in the statement.

Separately, Hiscox Ltd. has provided capital for a parametric cyber risk transfer transacted on the online trading platform AkinovA, according to a statement issued Thursday by AkinovA.

The parametric trade was completed Dec. 23, with regulatory oversight from the Bermuda Monetary Authority, AkinovA said in the statement.

The transaction was brokered by Guy Carpenter & Co. LLC, and Jersey City, New Jersey-based data analytics firm Verisk Analytics Inc. unit Property Claim Services Inc. was the reporting agent, AkinovA said.