Liberty Mutual Reinsurance Group (LM Re) has appointed Tom Spurgeon as global head of cyber reinsurance. Spurgeon, who is based in London, will report to Susan Barber, head of financial risks at LM Re. He has been with Liberty Mutual Reinsurance for nine years.
Spurgeon has served on the International Underwriting Association of London (IUA) Cyber Reinsurance Committee. He will oversee growth of LM Re's global cyber portfolio and work with brokers and clients on structured cyber solutions.
Barber said Spurgeon's appointment reflected the group's investment in talent. "In an increasingly complex risk environment, we are committed to delivering tailored cyber solutions for our clients and brokers and Tom will be instrumental in continuing to develop our global cyber portfolio," she said.
Spurgeon succeeds Ivonne Staisch, who left LM Re to pursue other opportunities.
The appointment comes as the global cyber insurance market reaches an inflection point. Swiss Re projects full-year 2025 premiums at US$15.6 billion, with growth slowing to a 5% compound annual rate from 2023. The sector had expanded at 32% annually from 2017 to 2022 before three consecutive years of rate deterioration reset expectations.
Falling rates have not suppressed appetite for cover. Gallagher Re reported a 32% risk-adjusted rate decline on cyber aggregate excess of loss contracts at the January 2026 renewals. The broker projects excess of loss limit demand will nearly double to US$9 billion annually by 2030.
The gap between declining rates and rising limit demand creates a more difficult environment for reinsurers building cyber portfolios profitably. Spurgeon's mandate to develop structured solutions places LM Re directly in that tension.
The IUA's cyber reinsurance committee has worked to develop market-wide guidance on aggregation risk and coverage clarity. Both areas are central to sustainable growth in the class.
Reinsurers have moved to tighten policy language and introduce sublimits on cyber exposure. Many have separated cyber from legacy all-risk programmes. Those changes have reshaped how the class is priced and structured at the reinsurance level.
Rating agencies have increased scrutiny of cyber portfolios in recent years. Carriers have faced pressure to demonstrate disciplined accumulation controls and clearer coverage terms. That pressure has accelerated broader efforts to standardise cyber reinsurance contract language.
