Guy Carpenter & Company has announced the launch of its Cyber Solutions Specialty Practice, which focuses on the development and delivery of innovative cyber reinsurance solutions to address the rapidly increasing risks associated with cyber security. The practice builds upon Guy Carpenter’s market leadership position and years of experience and market intelligence in this area, and through its team of highly seasoned professionals, helps clients effectively manage their cyber portfolios and grow profitably.
Guy Carpenter was the first reinsurance broker to enter this emerging and highly dynamic market over 16 years ago. In 1999 Guy Carpenter pioneered the first-ever cyber-liability reinsurance product to address the relatively unknown exposures of this segment. Since entering this market, Guy Carpenter has become the recognized leader, currently representing approximately 65 percent of cyber liability writers in the global reinsurance market today.
“Rapidly-developing computer technology and the unrelenting evolution of cyber risks presents one of the biggest challenges to the (re)insurance sector today. In fact, cyber-attacks, along with technology failure, represent a greater threat than adverse weather, fire and social unrest combined,” said Jeremy Platt, Co-Leader of the Cyber Solutions Specialty Practice.
Guy Carpenter’s Cyber Solutions Specialty is uniquely positioned to explore and develop solutions that evolve beyond the traditional quota share reinsurance approach to cyber liability. In the 4th Quarter of 2013, the practice designed and implemented a new “Cyber Cat” product that responds to the systemic risk inherent in cyber portfolios.
“Our clients require comprehensive solutions to manage the accumulation and concentration of cyber liability to large loss and systemic events. We have and continue to develop new ways to address the correlation within a cyber-portfolio,” stated Mike Brown, Co-Leader of Guy Carpenter’s Cyber Solutions Specialty Practice.
“Guy Carpenter’s extensive experience in this arena and 90-plus year track record for delivering leading reinsurance broking solutions creates the most powerful and unrivaled offering in the market today. As we have done for the past 16 years, we will continue to invest in creating cyber solutions that help our clients identify, mitigate and transfer an evolving range of risks,” Mr. Brown said.
Guy Carpenter’s Cyber Solutions Specialty Practice, led in North America by Mike Brown and Jeremy Platt and in the UK and Europe by Morley Speed and Carolyn Morley, has assisted in placing standalone cyber liability treaties for mature and emerging portfolios and created innovative solutions for regional and mutual carriers. Guy Carpenter’s industry-leading database helps clients understand probable losses in their growing cyber risk portfolios and manage the impacts of changing exposures with confidence.
To learn more about how Guy Carpenter’s Cyber Solutions Specialty Practice can help clients achieve profitable growth, please visit: http://www.guycarp.com/content/guycarp/en/home/the-company/gc-specialties.html