Aon is targeting silent cyber exposures with a new product. Sompo International Holdings Ltd. rolled out a new financial and professional lines platform encompassing insurance and reinsurance capabilities.
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Aon plc launched a new product designed to protect carriers from silent cyber exposures through reinsurance.
The cover will be backed by data and analytics from Aon’s Cyber Solutions and Guidewire, with a goal of mitigating the risk of the silent exposure in a carrier’s portfolio.
Aon’s silent cyber product can partner with carriers as they identify, quantify and mitigate the silent cyber risk where the exposure is reinsured in the interim period. Where the carrier provides affirmative cyber coverage going forward, Aon can arrange reinsurance cover for that cyber exposure across multiple business lines.
The product is supported by an analytical, end-to-end process to help insurers. Working with key reinsurers in Bermuda, London and Europe, Aon has already sourced $350 million of capacity prior to launch. The goal is to help insurers obtain more clarity on their cyber exposures with the option to exclude or recognize the exposure in each portfolio and evolve its reinsurance protections for cyber accordingly.
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Sompo International Holdings Ltd., is debuting SomPro, a global financial and professional lines platform encompassing insurance and reinsurance capabilities.
SomPro is focused on delivering underwriting, risk management and claims services by sharing the company’s product expertise and distribution relationships across Sompo’s specialty teams.
The platform will offer more than 30 different financial and professional lines insurance products as well as a suite of reinsurance products, with broad licensing coverage through its company platforms and its Lloyd’s syndicate, Sompo said.
SomPro will comprise more than 100 dedicated underwriting and claims professionals operating in key insurance markets across the globe, including the U.S., Bermuda, U.K., Europe and Asia. It will be governed by a steering group of senior professional lines leadership and chaired by Chris Donelan, head of Global Casualty Reinsurance and president and chief underwriting officer of North America Reinsurance.
Source: Aon, Sompo International Holdings Ltd.