Gallagher Re taps Aon talent to help bring new capacity to cyber ILS market

Global reinsurance broker  Gallagher Re has recruited Aon Securities’ insurance-linked securities (ILS) specialist to help bring new and alternative capacity into the global cyber reinsurance market, stating that the demand for cover is growing “significantly”.

Theo Norris has joined Gallagher Re’s 40-strong cyber reinsurance team as a dedicated cyber ILS broker. Norris will build and lead the development of the broker’s capabilities and expertise in this highly specialist area.

Norris joins from Aon Securities, where he acted as ILS assistant vice president responsible for structuring and transacting ILS for a global client base. Prior to that, he was a divisional director at Willis Re.

His appointment is the latest of 10 new hires into Gallagher Re’s cyber reinsurance team so far in 2021, four of whom have been specialist cyber actuaries, which will further support its expansion and client capabilities in the cyber ILS space.

Ian Newman (pictured), global head of cyber at Gallagher Re, said: “With the rapid and sustained rise in demand for risk transfer across the cyber (re)insurance market, it’s our job as a specialist reinsurance broker to continue to bring new capital to bear that can meet the growing needs of our clients and support the underlying market. ILS and alternative capacity will play an ever more important role in ensuring we can keep that supply in step with demand.”

“Our innovative cyber reinsurance team works tirelessly to bring new capacity to the market, both rated and unrated, while structuring product that will allow third party capital to deploy in the cyber space,” Newman added.

“As a dedicated cyber ILS broker, with the perfect blend of experience and expertise coupled with our investment in the broader team to support our growth in this area, Theo will play an integral role in ensuring we can deliver new ILS capacity for the benefit of clients.”

“In our view, it is only a matter of time before the cyber ILS space exceeds that of the property ILS market and we intend to be at the forefront of its development to support a truly sustainable cyber (re)insurance market,” he concluded.

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