Situated in Bermuda, Edgware Re is a specialised cyber-only group captive, catering exclusively to participating members. The initiative allows organisations to procure insurance or reinsurance up to US$10 million from Edgware Re, tailored to their specific requirements.
With an anticipated increase in participation, the insurance limits are poised to expand accordingly.
According to reports, Marsh assumes a pivotal role in this venture, providing comprehensive support services including captive management, incident response, vendor engagement, and claims advocacy to Edgware Re.
Moreover, participating members stand to benefit from potential dividends contingent upon the profitability criteria being met.
Speaking about the launch, Tom Reagan, Global Cyber Practice Leader, Marsh Specialty, said: “As the scale, frequency, and economic impact of cyber events continue to grow, organizations must regularly reconsider and optimize their cyber risk strategies. Edgware Re is a great example of Marsh working with its clients to use their own capacity to create a sustainable insurance program that better meets their needs in today’s market.”
Ellen Charnley, President of Marsh Captive Solutions, also commented, saying: “The captive insurance market is a proven risk financing alternative for organisations that want to take greater control of their risk and gain increased financial flexibility and protection.”
She added: “Edgware Re offers its participants the potential for more stable pricing and control, access to shared best practices, and potential profit sharing; and is the latest Marsh captive innovation following the recent launch of ReadyCell.”
