Guy Carpenter (GC) has launched a new cyber reinsurance product, CatStop+, a market-tested structure designed to address the volatility of cyber risk.
The firm completed its first transaction under CatStop+ during the 1 January 2024 renewal period.
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, the company says, 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.
Erica Davis, global co-head of cyber, comments: “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.
“We are thrilled to offer our clients the reinsurance solutions they need as the cyber market continues to evolve.”
