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Aon PLC said Thursday it has introduced a new product with an asset manager that will provide up to $70 million of alternative capital to protect insurers and reinsurers against systemic and catastrophic cyber events.
The statement said Aon and Stamford, Connecticut-based Hudson Structured Capital Management Ltd., operating as HSCM Bermuda, have closed their first transaction, a retrocession contract on behalf of an undisclosed cedent.
The capital will protect against increasing cyber loss aggregations on reinsurers’ and insurers’ balance sheets and is structured to protect the cedent for the effects of catastrophic cyber market losses stemming from events such as self-propagating malware or wiperware, distributed denial of service, a significant cloud outage or certificate revocation.
U.K.-based insurance broker Aon PLC has launched a team of capital partners that will identify and deliver additional sources of third-party reinsurance capacity to clients, Artemis reported. Initially, the team will concentrate on bringing third-party investor-backed property catastrophe capacity to clients in London, Bermuda, Europe and Asia.