Marsh will be launching a special purpose cyber reinsurance facility in the coming weeks, which will be made available to captive owners who are seeking additional cyber capacity.
Ellen Charnley, president of Marsh Captive Solutions, previewed the new innovation for attendees of the broker’s Captive Luncheon at RISKWORLD on Tuesday, 2 May and elaborated further in an interview for released in GCP #85.
“We are working on a special purpose vehicle that’s going to be available for captive owners to access and their captives to access a reinsurance mechanism for cyber,” Charnley told GCP.
“We think it’s going to be a terrific tool for companies to help weather the storm in the commercial cyber market, which has been quite rocky of late.
“It’s going to be available for companies that don’t necessarily even put cyber in their captive at all, but they want to have access to a facility for cyber.”
Captives continue to play a growing part in corporate cyber programmes as rates have increased and capacity has been hard to access on favourable terms.
Marsh’s statistics show there has been a 57% growth in captive cyber premium over the last two years, with more than $133m in cyber premium now under management.
The number of Marsh captives writing cyber has increased 75% in the last two years.
Listen to the full interview with Ellen Charnley on GCP #85 here, or or any podcast app. Just search for ‘Global Captive Podcast’.