Guy Carpenter & Co., a risk and reinsurance specialist and member of Marsh & McLennan Cos., has established its Cyber Solutions Specialty Practice. The practice focuses on the development and delivery of cyber reinsurance solutions to address the increasing risks associated with cyber security.
Rapidly developing computer technology and the evolution of cyber risks present challenges to the reinsurance sector, Guy Carpenter said. Cyber-attacks and technology failure represent a greater threat than adverse weather, fire and social unrest combined. Guy Carpenter created a cyber-liability reinsurance product to address the unknown exposures of this segment in 1999. The company said it currently represents about 65 percent of cyber liability writers in the reinsurance market.
The Cyber Solutions Specialty Practice is led in North America by Mike Brown and Jeremy Platt, and in the United Kingdom and Europe by Morley Speed and Carolyn Morley, Guy Carpenter said. The practice has assisted in placing cyber liability treaties for mature and emerging portfolios and created solutions for regional and mutual carriers. Guy Carpenter’s database helps clients understand probable losses in cyber risk portfolios and can manage the impacts of changing exposures.
