Lockton Re hires Gallagher’s Theo Norris as Head of Cyber ILS
Lockton Re, the reinsurance arm of the independent broking group, has hired Theo Norris from Gallagher Re to become its first Head of Cyber ILS.
Norris, an expert in cyber insurance-linked securities (ILS), will assist Lockton Re to build out a practice in helping clients transfer their cyber risk to the capital markets.
Norris was the Head of Cyber Insurance-Linked Securities at Gallagher Re and its capital market arm Gallagher Securities, a role he’d held for more than two and a half years.
He had joined Gallagher Re in November 2021 as its first dedicated cyber insurance-linked securities (ILS) resource and perhaps the first dedicated cyber ILS broker in the market, being tasked with helping to bring new capacity to the cyber market.
During his time there, Norris had put considerable effort into educating ILS investors about cyber risk and on the structuring of cyber insurance-linked securities arrangements and cyber cat bonds.
That bore fruit as Gallagher Re structured and brokered a number of early private cyber ILS arrangements and then the first private cyber cat bonds for Beazley, later also being the structuring agent and bookrunner for Beazley’s 144A PoleStar cyber cat bonds.
Prior to his time at Gallagher Re, Norris worked at Aon Securities, the capital markets arm of the insurance and reinsurance broker, as an ILS Assistant Vice President responsible for structuring and transacting insurance-linked securities (ILS) for a global client base. Before that he was a Divisional Director at Willis Re.
Norris is now working out his notice at Gallagher Re, we understand, before joining Lockton Re in his new role as Head of Cyber ILS .
It’s a key hire and one that will help Lockton Re to become an increasingly meaningful force in cyber reinsurance, unlocking capital markets capacity for clients and perhaps even broking or structuring specific cyber ILS arrangements.
Read all about the cyber catastrophe bonds that have hit the market so far.
