AON Develops Captive Program for Cyber Risk Transfer

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Aon Global Risk Consulting, the risk consulting business of Aon plc, has launched its Cyber Captive Program, which guides companies through a series of steps to help identify, assess and quantify their cyber exposures – ultimately making more informed decisions around risk retention in a captive as well as providing broad form risk transfer capacity of potentially up to $400 million.

Peter Mullen, chief executive officer, Aon Captive and Insurance Management, said the new captive program was developed based on the challenges in the traditional market. “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,” he said.

The Cyber Captive Program consists of:

  • Aon Cyber Resilience Review to help identify, assess and quantify cyber risk
  • Comprehensive coverage through the Aon Cyber Enterprise Solution form, covering broad cyber exposure
  • Consistent comprehensive coverage with significant capacity of potentially up to $400 million  per policy
  • An underwriting process that facilitates an improved overall understanding of the risk
  • Captive participation on a direct or reinsurance basis

To access the program, each insured is required to undergo the Aon Cyber Resilience Review. Policy limits available up to potentially $400 million in capacity per policy excess of $25 million. – http://www.insurancejournal.com/

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