Guy Carpenter & Co. said it has launched a new practice to focus on cyber reinsurance.
“Rapidly-developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the reinsurance hybrid sector today,” Jeremy Platt, co-leader of the new Cyber Solutions Specialty Practice, in a statement. “In fact, cyber attacks, along with technology failure, represent a greater threat than adverse weather, fire and social unrest combined.”
Guy Carpenter said it was the first reinsurance broker to enter the cyber reinsurance market with a cyber-liability reinsurance product in 1999. The broker said it represents about 65 percent of cyber-liability writers in the global reinsurance market.
In the 2013 fourth quarter Guy Carpenter, a member of Marsh & McLennan Cos., said it designed and implemented a “Cyber Cat” product to address systemic risk inherent in cyber portfolios.
“Our clients require comprehensive solutions to manage the accumulation and concentration of cyber liability to large-loss and systemic events,” said Mike Brown, co-leader of the cyber practice.
Platt and Brown will lead the practice in North America, with Morley Speed and Carolyn Morley heading up the CSSP in the UK and Europe.
Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
