US-based Marsh, the insurance broking and risk advisory unit of Marsh McLennan, has set up cyber-only captive Edgware Re.
The newly formed entity is a Bermuda-based group captive insurance company designed to offer organisations enhanced control and stability in their cyber insurance programmes.
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Its launch is aimed at addressing the recent volatility in cyber insurance pricing and coverage terms, noted Marsh.
Edgware Re will conduct business exclusively with its member organisations.
These members have the option to secure up to $10m in insurance or reinsurance coverage tailored to their specific requirements.
As the captive’s membership expands, the insurance limits provided by Edgware Re are also expected to increase.
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By GlobalDataIn response to the fluctuating cyber insurance market, Edgware Re aims to bring stability by leveraging Marsh’s cyber policy forms.
The company will pool the cyber risks and premiums of its participants, cover their losses, and promote the sharing of cybersecurity best practices among its members.
Besides, Edgware Re will offer the potential for dividends to its participants, contingent on achieving necessary profitability levels.
Marsh will also support Edgware Re with a suite of services including captive management, incident response, vendor engagement and claims advocacy.
Marsh specialty global cyber practice leader Tom Reagan said: “As the scale, frequency and economic impact of cyber events continue to grow, organisations must regularly reconsider and optimise their cyber risk strategies. Edgware Re is a great example of Marsh working with its clients to use their own capacity to create a sustainable insurance programme that better meets their needs in today’s market.”
In a separate development, Guy Carpenter, the risk and reinsurance specialist within Marsh McLennan, named Ben Savill as the CEO of its Pacific operations.
Savill has been working in the industry for more than 27 years, latterly as the chief underwriting officer at Convex Insurance in Bermuda.
He will take on the new responsibility from 1 April 2024.
Operating out of Sydney, he will report to Guy Carpenter Asia-Pacific CEO Tony Gallagher.
Savill will be responsible for leading the company’s broking organisation in the Pacific, as well as developing its growth strategy to meet the complex needs of clients in the region.
