Innovative approach blends low-attaching cyber event cover with proven mechanics and attritional protection of aggregate stop loss
New York, January 31, 2024 – Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan, today announced the creation of its new cyber reinsurance product, CatStop+. Guy Carpenter completed its first transaction under CatStop+ during the January 1, 2024 renewal period.
CatStop+ is a first-of-its-kind market-tested structure designed to address the volatility of cyber risk. Leveraging proprietary wording, flexible architecture, and analytics from GC’s CyberExplorer® DataLake, the approach provides low-attaching catastrophic protection without the potential for basis risk. CatStop+ helps solve many of the hurdles cyber (re)insurers face, striking a balance between coverage from peak perils, tail protection and cost effectiveness, while bringing clarity to recovery of losses resulting from a severe cyber event.
“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,” said 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.”
About Guy Carpenter
Guy Carpenter & Company, LLC 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 (NYSE: MMC), 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. For more information, visit www.guycarp.com and follow us on LinkedIn and X.
Through its four businesses, Marsh McLennan is empowering organizations to act with agility when approaching cyber risk demands. The Company is unique in offering a 360-degree suite of cyber capabilities from risk intelligence and insurance to incident management, cyber security advisory and workforce strategies necessary to manage cyber risk.