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The founding members include Munich Re, Gallagher Re, and BitSight.
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The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"
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So far, no other reinsurer has come out publicly to align itself with Munich Re’s stance on cyber war, leading to a patchwork of approaches at cedant and reinsurer level.
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Perils said that supporting risk transfer through index-based ILS would help to free up reinsurance capacity.
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More than 20 approved wordings will be divided into seven categories, which vary by risk aggregation potential.
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The US-based cyber MGA launched in the UK in April.
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Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.
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In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.
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In his new role, John Wynne Davies will be responsible for developing Coalition’s strategy in the UK.
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It is understood that Cozens will follow former head of cyber and technology Creasy to Inigo.
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Aon’s report found that ransomware attacks on average have a 12% lower impact than data breaches.
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The carrier has appointed Antonia Osborn as director of underwriter and Philip Smith as its new lead cyber underwriter.