Marsh creates captive for cyber programs

Marsh LLC said Monday it has created Edgware Re Ltd., a Bermuda-domiciled group captive to help organizations gain greater control and stability in their cyber insurance programs.

Participating members can purchase up to $10 million in insurance or reinsurance from Edgware Re, based on their needs. Limits are expected to grow as more members participate in the cyber-only group captive.

Marsh will provide captive management, incident response, vendor engagement and claims advocacy support to Edgware Re.

The initiative follows a volatile period of cyber pricing and coverage changes. Edgware Re will use Marsh’s cyber policy forms, pool participants cyber risks and premiums, absorb their losses and foster the exchange of cybersecurity best practices.

“Edgware Re offers its participants the potential for more stable pricing and control, access to shared best practices and potential profit sharing,” Ellen Charnley, president of Marsh Captive Solutions, said in a statement.