Gallagher Re has expanded its global cyber practice with the opening of its newest hub in Bermuda,
According to Gallagher, this will be one of the first – if not the first – cyber-specific reinsurance broking practices on the island
The operation will be headed by experienced cyber broker Seb Plummer, who has relocated to Bermuda, Gallagher Re said in a statement. The new hub will enhance support for local clients, help expand cyber capacity provision and facilitate the effective deployment of capital into the cyber market to meet the fast-rising demand across all aspects of the insurance value chain.
“As we head with pace towards the PC&C market we predicted a few years ago – where cyber inevitably becomes just as significant as the property and casualty sectors – cyber will need massive amounts of additional capital,” said Ian Newman, global head of cyber at Gallagher Re. “With its reputation for innovation and entrepreneurialism in catastrophe reinsurance and alternative risk transfer, Bermuda is the obvious place to look to develop some of that much-needed new capacity as well as build out our own specialist capabilities.”
Gallagher Re has dedicated cyber teams located in both the UK and the US.
“As a market that has recently seen multi-billion dollar injections of fresh capital to support start-ups and scale-ups, Bermuda’s renewed vibrancy and increasingly diverse trading environment makes it ideal for the evolution of cyber, which itself enjoys a distinctive and dynamic ability to adapt and react more quickly than other classes,” added Plummer.