CRC Group, a major wholesale specialty insurance distributor in North America, has launched Cyber.IE, a new exclusive excess cyber insurance product. The company statement said this product offers the largest wholesale exclusive cyber capacity available in the domestic market, providing substantial protection and flexibility for businesses needing excess cyber solutions. The limit for this new offering is reported to be $35 million.
Cyber.IE uses a quota share approach, allowing for rapid capacity deployment. It features overhanging limits with drop-down availability, ensuring comprehensive coverage options tailored to the unique needs of each client. Comprised of seven carriers, Cyber.IE provides unique capacity in this quota share arrangement.
“Cyber.IE exemplifies our commitment to efficiency, exclusivity, and protected capacity,” said Christiaan Durdaller, President and Chief Executive Officer of INSUREtrust. “By offering the largest wholesale exclusive cyber facility, we empower our retail agency partners with a solution that is swift, adaptable, secure, and comprehensive. This product reflects our dedication to innovation and excellence in the cyber insurance space.”
CRC Group & INSUREtrust to Form Cyber Practice Group, Enhancing Specialty Capabilities
This follows the April announcement of CRC Group’s integration of INSUREtrust into its Wholesale Brokerage Division, forming a new Cyber Practice Group. This strategic move enhances CRC Group’s cyber capabilities and extends INSUREtrust’s network, reinforcing CRC’s focus on providing innovative solutions in the evolving cyber insurance landscape.
INSUREtrust, known for its specialized cyber insurance brokerage, products, and risk management tools, brings significant experience and exclusive offerings. This integration provides CRC Group brokers with enhanced resources and expanded avenues for delivering comprehensive cyber risk solutions to their clients.
“The incorporation of INSUREtrust into the CRC Group family is a testament to our commitment to staying at the forefront of the industry,” said Commercial Solutions Chief Executive Officer Mike Brennan. “With INSUREtrust’s expertise in cyber insurance, we are ready to offer our clients unparalleled solutions to mitigate cyber risks effectively across our entire platform.”
Durdaller, leading the newly formed Cyber Practice Group, emphasized the strategic benefits of this move. “INSUREtrust’s exclusive products will significantly augment CRC’s capabilities to address the evolving needs of clients in the cyber insurance landscape,” he said. “This strategic integration underscores INSUREtrust’s and CRC’s ability to deliver innovative and tailored solutions to meet the dynamic challenges of the modern business environment.”
Source: CRC and INSUREtrust Launch Exclusive Cyber.IE Excess Facility.
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