Global reinsurance broker Gallagher Re has announced the addition of Theo Norris to its cyber reinsurance team as a dedicated cyber insurance-linked securities (ILS) broker, as the company continues to bolster its capabilities in the cyber risk space.
In his new role, Norris is tasked with building and leading the development of the broker’s capabilities and expertise in this area.
He will work to bring new and alternative capacity into the cyber reinsurance market as demand for protection continues to expand.
Norris joins Gallagher Re’s 40-strong cyber reinsurance team, and is the latest of 10 new hires into this division so far in 2021.
He joins the firm from rival broker Aon’s third-party capital unit, Aon Securities, where he served as ILS Assistant Vice President responsible for structuring and transacting ILS for a global client base. Before Aon, Norris worked as a Divisional Director at reinsurance broker Willis Re.
Ian Newman, Global Head of Cyber at Gallagher Re, commented: “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.
“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. 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.
“In our view, it is only a matter of time before the cyber ILS space exceeds that of the property ILS market and we intend to be at the forefront of its development to support a truly sustainable cyber (re)insurance market.”