RTS creates new cyber facility
RT Specialty (RTS), the wholesale insurance distributor of Ryan Specialty, has announced what it said is a new and exclusive excess cyber facility.
According to RTS the new facility brings additional capacity and creative insurance solutions to a cyber market that remains in a state of flux. The new facility offers up to $15 million in capacity per account, is underwritten by EmergIn Risk, and is supported by a consortium of high-quality carrier groups including Aspen, CoAction and Skyward Specialty Insurance.
Commenting on the new facility, Jonathan Reiner, executive vice president of RT ProExec Chicago, said, “Our key clients have been very vocal over the last 18 months about the capacity compression in the market and asked us to deliver a solution to help support their insureds. We are extremely excited to formally announce the release of the exclusive $15 million block of excess cyber capacity that RT is bringing to the marketplace. We feel this capacity will be very useful in supporting $1B+ revenue insureds on their cyber insurance programs.”
“We are very excited to have been asked to lead the arrangement of such a valuable consortium with our trading partners at RT Specialty, to provide a much-needed excess capital solution for large complex cyber risks,” Jamie Bouloux, chief executive of EmergIn Risk, added.
“This opportunity presented an exciting chance to utilise a quality facility to build upon our commitment to bring new capital into this space and in doing so, ensuring that there will be no disruption to servicing the underwriting and capital needs of our current strategic trading partners. As a leader in the excess cyber market, we could not have asked for a better channel to build a streamlined approach for unlocking target business.”