Gallagher Re, the global reinsurance broker, has unveiled a new cyber reinsurance team in Bermuda.
The team is led by Seb Plummer, a specialist cyber broker who has relocated to Bermuda, and complements its existing cyber teams in the UK and US.
Ian Newman, global head of cyber at Gallagher Re, said Bermuda’s innovation and entrepreneurialism in catastrophe reinsurance and alternative risk transfer made it the obvious place to build capacity in the cyber market.
“As we head with pace towards the PC&C market we predicted a few years ago – where cyber inevitably becomes just as significant as the property and casualty sectors – cyber will need massive amounts of additional capital,” he said.
Plummer added: “Bermuda is the perfect partner for what is arguably the most exciting and fastest growing area of re/insurance. There is nowhere better in my mind than Bermuda to seek to develop new capacity that could enable the cyber market to grow sustainably over the next five to 10 years.”
Gallagher Re, Ian Newman, Seb Plummer, Cyber