Guy Carpenter, the global risk and reinsurance specialist under the Marsh McLennan umbrella, has taken steps to address the volatility of cyber risks with the launch of its groundbreaking product, CatStop+. This cyber reinsurance offering combines low-attaching cyber event coverage with the proven mechanics and attritional protection of aggregate stop loss.
The innovative structure of CatStop+ marks a paradigm shift in the market. It offers a unique solution to the challenges faced by cyber insurers and reinsurers. Leveraging proprietary wording, flexible architecture, and data analytics from GC’s CyberExplorer® DataLake, the approach provides low-attaching catastrophic protection without exposing clients to potential basis risk. The unveiling comes on the heels of Guy Carpenter’s successful completion of its inaugural transaction under CatStop+ during the January 1, 2024, renewal period.
Erica Davis, Global Co-Head of Cyber at Guy Carpenter, emphasized the transparency and timeliness of protection against cyber catastrophe losses offered by CatStop+. She highlighted the product’s ability to address event definition basis risk concerns with a comprehensive sleep-at-night aggregate stop-loss cover. Davis expressed enthusiasm, stating, “We are thrilled to offer our clients the reinsurance solutions they need as the cyber market continues to evolve.”
Guy Carpenter has a global footprint spanning over 60 offices and 3,500 professionals. As a business under Marsh McLennan, a professional services firm with annual revenue of $23 billion, Guy Carpenter offers a compelling combination of services. Including broking expertise, strategic advisory services, and cutting-edge analytics.
Source: GUY CARPENTER LAUNCHES GROUND-BREAKING CYBER CATSTOP+ TO MANAGE RISK VOLATILITY
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