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Member, Beacon International Group, Ltd.
Reinsurance intermediary Aon Benfield Group Ltd. on Friday said it has sourced the reinsurance capacity for a recently announced cyber liability facility developed by the Lloyd’s of London syndicate of mutual energy insurer Aegis London, a unit of Aegis Insurance Services Inc.
Aegis London’s facility is intended to offer cyber liability coverage with higher limits and broader coverage — including claims arising from bodily injury, contingent business interruption and physical damage to high-value assets — than is generally available in the market.
“Our aim with this cyber product is both to highlight the potential for cyber losses in the market and to provide a comprehensive, stand-alone coverage for those exposures,” Rick Welsh, head of cyber insurance at Aegis London, said in a statement. “We decided to take a broad approach to cyber risk, beyond the traditional focus of (information technology) and data breaches, to encompass the full technology estate.”
Under terms of the deal, Aon Benfield will enable Aegis London’s policyholders to separately reinsure their cyber exposures with a panel of reinsurers.
“Working with AEGIS London, we have bridged a gap in the cyber sector by sourcing the high-quality reinsurance capacity required to bring this product to market,” Tom Wakefield and Jerry Blake, members of Aon Benfield’s global reinsurance specialty composite team, said in the statement.