Reinsurance broker Gallagher Re has created a new cyber team, based in Bermuda. The move aims to boost capacity and broaden its network of existing teams which already work out of locations in both the UK and the US. Seb Plummer will lead the dedicated team.

Ian Newman, global head of cyber at Gallagher Re, said: “As we head with pace towards the P/C market we predicted a few years ago – where cyber inevitably becomes just as significant as the property and casualty sectors – cyber will need massive amounts of additional capital. With its reputation for innovation and entrepreneurialism in catastrophe reinsurance and alternative risk transfer, Bermuda is the obvious place to look to develop some of that much-needed new capacity as well as build out our own specialist capabilities.

“And with his direct market experience, technical understanding of the underlying product, and cyber reinsurance expertise, Seb is the ideal person to help clients and capacity in Bermuda capitalise on a class rife with opportunities.”

Plummer added: “As a market that has recently seen multi-billion dollar injections of fresh capital to support start-ups and scale-ups, Bermuda’s renewed vibrancy and increasingly diverse trading environment makes it ideal for the evolution of cyber, which itself enjoys a distinctive and dynamic ability to adapt and react more quickly than other classes.”

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