Lockton Re, the reinsurance arm of the impartial broking group, has employed Theo Norris from Gallagher Re to turn out to be its first Head of Cyber ILS.
Norris, an professional in cyber insurance-linked securities (ILS), will help Lockton Re to construct out a apply in serving to purchasers switch their cyber threat to the capital markets.
Norris was the Head of Cyber Insurance coverage-Linked Securities at Gallagher Re and its capital market arm Gallagher Securities, a job he’d held for greater than two and a half years.
He had joined Gallagher Re in November 2021 as its first devoted cyber insurance-linked securities (ILS) useful resource and maybe the primary devoted cyber ILS dealer out there, being tasked with serving to to carry new capability to the cyber market.
Throughout his time there, Norris had put appreciable effort into educating ILS buyers about cyber threat and on the structuring of cyber insurance-linked securities preparations and cyber cat bonds.
That bore fruit as Gallagher Re structured and brokered numerous early non-public cyber ILS preparations after which the first private cyber cat bonds for Beazley, later additionally being the structuring agent and bookrunner for Beazley’s 144A PoleStar cyber cat bonds.
Previous to his time at Gallagher Re, Norris labored at Aon Securities, the capital markets arm of the insurance coverage and reinsurance dealer, as an ILS Assistant Vice President liable for structuring and transacting insurance-linked securities (ILS) for a worldwide shopper base. Earlier than that he was a Divisional Director at Willis Re.
Norris is now understanding his discover at Gallagher Re, we perceive, earlier than becoming a member of Lockton Re in his new position as Head of Cyber ILS .
It’s a key rent and one that can assist Lockton Re to turn out to be an more and more significant drive in cyber reinsurance, unlocking capital markets capability for purchasers and maybe even broking or structuring particular cyber ILS preparations.
Learn all about the cyber catastrophe bonds that have hit the market so far.
