Guy Carpenter & Company, LLC, a prominent global risk and reinsurance specialist, has unveiled an innovative cyber reinsurance product.
The Marsh McLennan-affiliated business has launched the product, known as CatStop+, in a bid to address the inherent volatility of cyber risk.
This groundbreaking solution, employed for the first time during the January 1, 2024 renewal period, stands as a market-tested structure.
Leveraging proprietary wording, a flexible architecture, and insights from GC’s CyberExplorer® DataLake, CatStop+ offers low-attaching catastrophic protection without the risk of basis risk.
CatStop+ functions as a first-of-its-kind solution, introducing a market-tested structure to combat cyber risk volatility. The product stands out with its proprietary wording, flexible architecture, and insights derived from GC’s CyberExplorer® DataLake. It provides low-attaching catastrophic protection, effectively addressing the challenges cyber (re)insurers face, while ensuring transparency, timeliness, and cost efficiencies.
The company boasts a team of 3,500 professionals across more than 60 offices worldwide. It provides a potent blend of broking expertise, strategic advisory services, and cutting-edge analytics, empowering clients to adapt to emerging opportunities and achieve profitable growth.
Erica Davis, Global Co-Head of Cyber, Guy Carpenter, said, “CatStop+ offers our clients protection against cyber cat losses with transparency and timeliness. It addresses event definition basis risk concerns with a sleep-at-night aggregate stop loss cover, while also achieving cost efficiencies. We are thrilled to offer our clients the reinsurance solutions they need as the cyber market continues to evolve.”
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