Cyber reinsurance
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Global insurance premiums reached an all-time high of $15.3bn by year end 2024. -
Demand for top layer coverage may also need to be supported by underlying market growth.
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The firm anticipates potential growth in cyber cat ILS similar to property cat ILS post-2005.
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The sponsor has $140mn of cyber cat bond protection maturing in December.
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Competition on price from traditional markets is weighing on bond market momentum.
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Sources believe the market will grow gradually over years after its initial cluster of dealmaking.
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Graeme Bell (pictured) will continue in his role as group legal officer.
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Theo Norris joins from Gallagher Re, which brokered one of the first 144A cyber cat bonds.
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Novelty premiums will likely fade once investors are more comfortable with the risk.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
