Aon offers cyber captive program

Aon Global Risk Consulting has launched a cyber captive program to create a new risk transfer option for growing cyber exposures. 

The risk consulting division of London-based Aon P.L.C. said its program would help companies identify, assess and quantify their cyber exposures to improve their risk retention decision-making in a captive and provide broad form risk transfer capacity of potentially up to $400 million, the company said Tuesday in a statement. 

To access the coverage, insureds are required to undergo a cyber resilience review to help identify, assess and quantify cyber risk.

Policy limits are available up to potentially $400 million in capacity per policy, excess of $25 million, according to the statement.

“Based on the challenges in the traditional market, Aon developed this solution to provide clients with a comprehensive risk transfer option that they can access through a captive,” Peter Mullen, CEO of Aon Captive and Insurance Management in Bermuda, said in the statement. “The solution will ultimately allow captive owners the opportunity to take a hard, introspective look at their cyber risk profile, identifying important issues and threats for their organization and placing comprehensive coverage through the Aon Cyber Enterprise Solution.”