Reinsurance broker Gallagher Re has announced the hire of a dedicated cyber insurance-linked securities (ILS) resource, adding Theo Norris from Aon Securities as a resource to help bring new capacity to the cyber market.
Norris most recently worked at Aon Securities, the capital markets unit of the insurance and reinsurance broker.
At Aon Securities, Norris was an ILS Assistant Vice President responsible for structuring and transacting insurance-linked securities (ILS) for a global client base. Before that he was a Divisional Director at Willis Re.
At Gallagher Re, Norris will be tasked with building and leading the development of Gallagher Re’s capabilities and expertise in cyber ILS.
His new role sees him as perhaps the first dedicated cyber ILS broker in the marketplace.
The broker sees this as a “highly specialist area” and one where the new cyber ILS focus, with Norris’ help can “bring new and alternative capacity into the global cyber reinsurance market,” as the brokers sees significant growth in demand for cyber reinsurance protection.
Gallagher Re has recently made 10 new hires into its cyber reinsurance during 2021, Norris included, with the team now 40 strong.
Four of these are specialist cyber actuaries, which the broker says will support its expansion and client capabilities in the cyber ILS space.
Ian Newman, Global Head of Cyber at Gallagher Re, commented on the hire, “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. 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.”