Marsh, a leading global insurance broker, has created a new group captive for clients seeking more control and stability in their cyber insurance programs.
The launch of Edgware Re Ltd. addresses the growing need among organisations for more control and stability in their cyber insurance programmes, particularly amidst fluctuating cyber insurance pricing and coverage modifications.
Based in Bermuda, Edgware is a cyber-only group captive insurance company tailored for organisations seeking enhanced control and stability in their cyber insurance programmes.
It offers participating members the opportunity to purchase up to $10m in insurance or reinsurance based on their requirements, with expected limit increases as participation grows.
Marsh provides captive management, incident response, vendor engagement, and claims advocacy support to Edgware.
The company utilises Marsh’s industry-leading cyber policy forms to pool participants’ cyber risks and premiums, absorb losses, and facilitate the exchange of cybersecurity best practices.
Participant members stand eligible for dividends in case of requisite profitability, fostering a more stable insurance environment.
Tom Reagan, Global Cyber Practice Leader, Marsh Specialty, 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 program that better meets their needs in today’s market.”
Ellen Charnley, President of Marsh Captive Solutions, added, “The captive insurance market is a proven risk financing alternative for organisations that want to take greater control of their risk and gain increased financial flexibility and protection. Edgware Re offers its participants the potential for more stable pricing and control, access to shared best practices, and potential profit sharing; and is the latest Marsh captive innovation following the recent launch of ReadyCell.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
