Marsh introduces cyber group captive Edgware Re
Marsh introduces cyber group captive Edgware Re | Insurance Business Canada
Cyber
Marsh introduces cyber group captive Edgware Re
Move in response to volatile period for the market
Cyber
By
Terry Gangcuangco
Marsh has formed cyber-only group captive Edgware Re.
Aimed at organizations looking for more stability and control when it comes to cyber cover, Bermuda-based Edgware Re was created following what Marsh described as a “volatile period” of cyber insurance pricing and coverage modification.
“Participating members can purchase up to US$10 million in insurance or reinsurance from Edgware Re based on their needs,” announced Marsh, which will provide captive management, incident response, vendor engagement, and claims advocacy support to the new group captive. “Limits are expected to grow as participation increases.”
Leveraging Marsh’s cyber policy forms, Edgware Re aims to consolidate the cyber risks and premiums of its members, absorb their losses, and promote the sharing of cybersecurity best practices among them. Members may also receive dividends if the captive insurance company achieves the necessary profitability.
Tom Reagan, global cyber practice leader at Marsh Specialty, declared: “As the scale, frequency, and economic impact of cyber events continue to grow, organizations must regularly reconsider and optimize 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.”
Marsh Captive Solutions president Ellen Charnley (pictured) further emphasized the value of captive insurance as a strategic risk financing option.
“The captive insurance market is a proven risk financing alternative for organizations that want to take greater control of their risk and gain increased financial flexibility and protection,” she said. “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.”
A simplified and flexible risk financing solution, ReadyCell was rolled out in January, allowing businesses of all sizes to quickly open their own insurance company and take greater risk management control.
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