Guy Carpenter, a global risk and reinsurance specialist under Marsh McLennan, has introduced CatStop+, a new cyber reinsurance product.
The company successfully executed its inaugural transaction with CatStop+ during the January 1, 2024, reinsurance renewal period.
This innovative product offers a market-validated framework aimed at mitigating the volatility associated with cyber risks.
It employs proprietary wording, adaptable design, and insights from GC’s CyberExplorer DataLake to provide comprehensive catastrophic protection at lower attachment points, minimizing the chance of basis risk.
CatStop+ addresses numerous challenges faced by cyber (re)insurers, achieving an equilibrium between protection against significant perils, tail risk coverage, and cost-efficiency.
CatStop+ offers our clients protection against cyber cat losses with transparency and timeliness. It addresses event definition basis risk concerns with a sleep-at-night aggregate stop loss cover, while also achieving cost efficiencies
Erica Davis, Global Co-Head of Cyber, Guy Carpenter
“We are thrilled to offer our clients the reinsurance solutions they need as the cyber market continues to evolve”, said Erica Davis.
It also enhances the clarity regarding the recovery process for losses incurred from major cyber incidents.
Guy Carpenter & Company is a leading global risk and reinsurance specialist with 3,500 professionals in over 60 offices around the world.
Guy Carpenter delivers a powerful combination of broking expertise, trusted strategic advisory services and industry-leading analytics to help clients adapt to emerging opportunities and achieve profitable growth.
Guy Carpenter is a business of Marsh McLennan, the world’s leading professional services firm in the areas of risk, strategy and people. The Company’s more than 85,000 colleagues advise clients in over 130 countries.
With annual revenue of $23 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses including Marsh, Mercer and Oliver Wyman.
by Yana Keller
