Reinsurance company Ariel Lee and Hiscox Lee & ILS, the reinsurance and insurance indexed securities arm of insurance company Hiscox, have announced the launch of the cyber catastrophe consortium CyberShock.
The CyberShock consortium is designed to deliver up to US$50 million in capacity per program to deliver customized, event-based protection to cyber insurers around the world.
Through this consortium, insurers will have greater certainty of coverage for major cyber incidents, including service supply chain events, cyber propagation events, hardware supply chain events, software supply chain events, and/or catalytic cyber events. you can benefit from it.
“Cyber catastrophe risk continues to be a major concern for the reinsurance market, and there is a lack of large-scale, sustainable solutions to systemic risk,” Daniel Kerr, Head of Cyber at Ariel Re, told the media. , the growth of the market is being hindered.” statement.
“Ariel Lee is an established market player in real estate catastrophe risk and has played a leading role in the development of cyber catastrophe reinsurance products in recent years. It makes sense to expand our reach in this area. ” added Kerr. “We wanted to find another major reinsurance market to support our engagement and involvement across the broader market, and Hiscox Re & ILS, with its years of cyber expertise, Considering this, he was the perfect partner.”
Matthew Wilken, Chief Underwriting Officer of Hiscox Re & ILS, said: “We are pleased to partner with Ariel Re, who shares our goal of significantly improving existing market approaches to cyber disasters.”
“Given the lack of clarity in the definition of a cyber event and the lack of meaningful capacity in the cyber reinsurance market, we believe the CyberShock Consortium will act as a positive catalyst for the market,” Wilken said. Ta.
Based in Bermuda, Ariel Lee operates primarily through Syndicate 1910 in London and also provides access to Lloyds Europe via Syndicate 5336. Originally founded in 2005, Ariel Lee was acquired by Pelican Ventures and JC Flowers in November 2020.
Headquartered in Bermuda and listed on the London Stock Exchange, Hiscox Group employs more than 3,000 people in 14 countries and has customers worldwide. We offer a wide range of specialist commercial and personal insurance products through our retail operations in the UK, Europe, Asia and the US. Our large internationally traded ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Source: Ariel Re and Hiscox Group
topic
The new market for cyber catastrophes
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