AON BENFIELD/AEGIS BRING PROPERTY CYBER PRODUCT TO MARKET

Aon Benfield said it has brokered reinsurance capacity to support a new cyber insurance product in the London market. The Lloyd’s syndicate of AEGIS London has designed the product to offer a comprehensive cyber risk management service and allows policyholders to separately reinsure their cyber exposures with a panel of leading reinsurers rather than be included within other lines of reinsurance cover, such as property and casualty. Aon Benfield said together with AEGIS London they have “bridged the gap in the cyber sector” by sourcing the reinsurance capacity to support underwriting. Rick Welsh, Head of Cyber Insurance at AEGIS London, said: “In traditional property and liability reinsurance policies it can sometimes be very unclear whether cyber is covered, and this can lead to gaps in coverage and potential exposures for insurers. On the other hand, where cyber is covered there is the potential for much larger claims than reinsurers had anticipated, especially in relation to property damage.”