Marsh, a global leader in insurance brokerage and risk advisory, recently unveiled Edgware Re Ltd.. The Bermuda-based group captive insurance company is focused on cyber insurance. This launch comes at a time when the cyber insurance industry is experiencing rapid evolution, driven by the escalating frequency and sophistication of cyber threats.
Edgware Re is tailored for organizations seeking enhanced stability and control over their cyber insurance policies. It allows participating members to secure insurance or reinsurance coverage up to $10 million, tailored to their specific needs, with the potential for increased limits as participation expands.
Marsh’s introduction of Edgware Re responds to recent fluctuations in cyber insurance pricing and coverage changes. The company will provide captive management, incident response, vendor engagement, and claims advocacy support. By pooling cyber risks and premiums, Edgware Re aims to absorb losses and facilitate the exchange of cybersecurity best practices among its members. Additionally, members may receive dividends based on the company’s profitability.
“Captive Insurance Innovation”
Tom Reagan, Global Cyber Practice Leader at Marsh, commented on the initiative, emphasizing the need for organizations to adapt their cyber risk strategies amid growing cyber threats. “As cyber events become more frequent and impactful, it’s essential for organizations to reevaluate their cyber risk approaches. Edgware Re represents our commitment to helping clients use their capacity to develop a sustainable insurance program,” said Reagan.
Ellen Charnley, President of Marsh Captive Solutions, also spoke on the benefits of captive insurance. “Captive insurance offers organizations more control over their risks and financial protection. Edgware Re provides stable pricing, control, access to best practices, and potential profit sharing. This is Marsh’s latest effort in captive insurance innovation,” Charnley stated.
Edgware Re’s launch follows Marsh’s tradition of offering innovative insurance solutions, aimed at providing organizations with tools to effectively manage cyber risks in an unpredictable market.
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