Gallagher Re has named Theo Norris as its dedicated cyber insurance-linked securities (ILS) broker.
Norris will join the company’s cyber reinsurance team of 40 professionals. As a cyber ILS broker, he will build and lead the development of Gallagher Re’s capabilities and expertise in the cyber ILS space, bringing new and alternative capacity into the global cyber reinsurance market, a release said.
Gallagher Re noted that Norris is the latest of its 10 most recent hires for its cyber reinsurance team – four of which are specialist cyber actuaries.
Norris joins Gallagher Re from Aon Securities, where he served as ILS assistant vice president. Prior to that, he was a divisional director at Willis Re.
“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,” said Gallagher Re global head of cyber Ian Newman.
“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,” added Newman. “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.”
Newman also prefaced that Gallagher Re is of the belief that “it is only a matter of time before the cyber ILS space exceeds that of the property ILS market;” the appointment of Norris is the firm’s way of better positioning itself to be at the forefront of developing the cyber ILS market.
