Gallagher Re has announced the formation of a new cyber reinsurance arm in Bermuda.
It comes as the company looks to “expand its global cyber practice” – with the team being led by specialist cyber broker Seb Plummer.
According to the group, the new offering is aimed at “enhancing support for local clients while helping expand cyber capacity provision and facilitate the effective deployment of capital into the space”.
In addition, it aims to provide “dedicated, specialist services and support to locally headquartered clients”.
Gallagher Re has described the venture as a “potentially first-of-its-kind cyber-specific reinsurance broking practice”.
Plummer said: “Bermuda is the perfect partner for what is arguably the most exciting and fastest growing area of reinsurance, and I’m really looking forward to working closely, in person, with our growing number of clients here.
“There is nowhere better in my mind than Bermuda to seek to develop new capacity that could enable the cyber market to grow sustainably over the next five to 10 years.”
He added: “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.”