Guy Carpenter has launched a new specialty practice that will focus on the development and delivery of innovative cyber reinsurance solutions.
The reinsurance broker says the move was designed to address the rapidly increasing risks associated with cyber security. The new unit is led in North America by Mike Brown and Jeremy Platt and in the UK and Europe by Morley Speed and Carolyn Morley.
Guy Carpenter claims to have been the first reinsurance broker to enter this market over 16 years ago. In 1999, it shaped the first-ever cyber-liability reinsurance product to address the relatively unknown exposures of this segment. The broker now represents some 65 percent of cyber liability writers in the global reinsurance market today.
“Rapidly-developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the re/insurance sector today. In fact, cyber-attacks, along with technology failure, represent a greater threat than adverse weather, fire and social unrest combined,” says Jeremy Platt, co-leader of the Cyber Solutions Specialty Practice.
Mike Brown, co-leader of Guy Carpenter’s Cyber Solutions Specialty Practice, adds: “Our clients require comprehensive solutions to manage the accumulation and concentration of cyber liability to large loss and systemic events. We have and continue to develop new ways to address the correlation within a cyber-portfolio.
“Guy Carpenter’s extensive experience in this arena and 90+ year track record for delivering leading reinsurance broking solutions creates the most powerful and unrivaled offering in the market today. As we have done for the past 16 years, we will continue to invest in creating cyber solutions that help our clients identify, mitigate and transfer an evolving range of risks.”
Guy Carpenter, cyber risk