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Captives, MGAs, MGUs Contribute to Growing Cyber Insurance Market

June 21, 2022

The hard market for cyber insurance, which is expected to continue for “some time,” and a lack of capacity has made captive insurers an “attractive risk management option for corporations,” said AM Best in a recent recent market report.

As part of its look at the U.S. cyber market, AM Best said captives can customize policies to allow parent organizations to assess damage and react quicker, but “sufficient and reliable cyber data for captive insurers does not exist.” They do not file with the National Association of Insurance Commission, with the exception of most risk retention groups (RRGs).

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