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Innovative reinsurance structure enables cedants to access protection for both property catastrophe and cyber losses through a single Industry Loss Warranty transaction

LONDON, 4th AUGUST, 2026 - Lockton Re, the reinsurance business of the world’s largest privately held independent insurance broker, has executed, what is believed to be, the first Industry Loss Warranty (ILW) transaction, combining Property Catastrophe and Cyber triggers within a single limit structure.

Commenting on the transaction, Tom Parcell, Chief Broking Officer, Lockton Re, Bermuda said, “This deal reflects Lockton Re’s focus on innovation that supports our clients and builds on the breadth of products that can be traded in the market. As the ILW market continues to evolve, we are seeing broader demand from clients for risk solutions that look at new structures and integrated options, and we are particularly excited about the opportunity for growth in this space with more bespoke, alternative index covers for our clients”

The placement was designed to solve the inherent needs of global cedants, who are looking to find economical ways to derisk their growing US Cyber exposures. The structure allows capital providers to access multiple peak risks through a single, transparent and independently reported mechanism. The placement builds on the increasing maturity of cyber industry-loss reporting and demonstrates how the ILW market can continue to evolve beyond traditional property-only applications. PERILS AG, in collaboration with CyberAcuView, acted as Index Provider for Cyber, and VeRisk’s PCS was used for Property Cat.

Theo Norris, International ILS and Cyber ILS Leader, Lockton Re Capital Markets, added, “This deal highlights trends we are seeing with the convergence of property catastrophe and cyber risk transfer, the growing maturity of industry cyber loss indices, and the development of new capital solutions for the market. Lockton Re Capital Markets is going one step further, establishing Catastrophe Bonds with Property and other lines of business, including cyber, across multiple tranches. The way Lockton Re is structured and our lack of internal silos means we can quickly adapt, understand, and work in teams built around clients to maximise new opportunities.”

As cyber loss reporting continues to mature and buyers seek more efficient ways to access protection, Lockton Re expects further growth in hybrid ILW, Collateralised Reinsurance and Catastrophe Bond solutions.

Lockton Re, has executed the first Industry Loss Warranty (ILW) transaction, combining Property Catastrophe and Cyber triggers within a single limit structure.

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Lockton Re Completes First Industry Loss Warranty Combining Property Cat & Cyber Risk Triggers

Lockton, the world’s largest privately held, independent insurance brokerage, today reported strong financial results for fiscal year 2026, with global revenue increasing 12% year over year to approximately $4.5 billion, including 11% organic growth, reflecting sustained momentum across the business and continued investment in talent, technology, and global capabilities. 

This performance marks Lockton’s sixth consecutive year of double‑digit organic growth, underscoring the strength of its client relationships, diversified business model, and long‑term investment strategy.  “Fiscal year 2026 was another exceptional year for Lockton,” said Ron Lockton, chairman and chief executive officer. “Our results reflect the trust our clients place in us, the quality of our people, and the advantages of our private and independent model. Our structure allows us to invest with a long-term horizon, adapt quickly to emerging client and market needs, and continually reinvest in the capabilities, insights, and innovations that help clients navigate an increasingly complex risk environment." Resilient Performance in a Challenging Market Lockton’s results were particularly strong given market conditions during fiscal year 2026, which ended April 30. Global property rates softened as capacity improved and competition increased, while casualty lines in the U.S. continued to experience pricing pressure and elevated loss‑cost trends. Against that backdrop, Lockton’s diversified platform delivered balanced growth across regions and businesses.  Lockton International and Lockton Re each delivered approximately 15% growth.  U.S. operations delivered an eighth year of double-digit growth, despite uneven conditions across regions and product lines.  U.S. Highlights  Lockton’s U.S. business delivered another strong year, continuing a pattern of sustained momentum across the market. U.S. revenue finished just under $3 billion, up 11% year over year, marking the U.S. business’s eighth consecutive year of double-digit growth. This performance was supported by strong client retention and continued growth in key parts of the business. Backed by one of the industry’s strongest producer groups and highly collaborative service teams, Lockton achieved a 94% client revenue retention rate. The firm also continued to strengthen its U.S. platform by expanding national industry verticals and specialty practices across Risk and People Solutions. In People Solutions, revenue surpassed $1 billion for the first time, reflecting sustained demand for integrated benefits, wellbeing, and advisory services. Together, these investments concentrate expertise, improve consistency, and make advanced capabilities more accessible to clients across markets. International Highlights  Lockton’s international business also delivered a strong year, continuing to build momentum across key markets. Despite uneven conditions across regions, the business achieved 15% growth, driven in part by 27% growth from People Solutions and ongoing strength in retail and specialty lines. Lockton also continued to strengthen its international platform during the year, expanding operations in Switzerland, Saudi Arabia, and Italy while further investing in its operating model, leadership, and client service teams across Europe, Latin America, the Middle East, Asia, and the Pacific. Together, these investments reflect a deliberate strategy to be closer to clients, operate with greater local relevance, and deliver integrated expertise across borders as risk grows more global and interconnected.  Lockton Re  Lockton Re, the firm’s global reinsurance business, continued its strong trajectory, delivering meaningful growth supported by expanded client relationships, geographic expansion, and targeted people, leadership, and capability investment. The business benefited from increased demand for sophisticated advisory support as insurers navigated evolving market dynamics, capital constraints, and portfolio optimization challenges.  Lockton Re continued to build out its capital markets and capital advisory capabilities, enhance global portfolio solutions, and invest in cyber‑ and credit‑related offerings, positioning the business to support clients across a broader range of risk transfer and capital solutions. These investments reinforce Lockton Re’s role as a long‑term partner to clients amid changing reinsurance and capital markets conditions.  Technology, AI, and Innovation  Over the last year, Lockton made significant investments in data, analytics, and artificial intelligence to enhance client service, improve insight, and empower Associates across its global platform. These efforts are central to the firm’s strategy to lead through advisory expertise while reducing friction and increasing consistency in how clients are served.  At the center of this work is Lockton SAGE, a proprietary, AI‑enabled technology ecosystem designed to connect data, analytics, and expertise to deliver smarter insights, faster decisions, and greater confidence across critical business decisions. Broader deployment of the platform will begin in fiscal year 2027, with continued investment planned across digital, analytics, and data capabilities.  “Artificial intelligence will reshape every aspect of risk and insurance,” said Ron Lockton. “We see AI as an accelerator of human expertise, not a substitute for it. Our focus is on using technology to enhance judgment, insight, and the value we deliver to clients.”  Culture and Talent  Lockton’s performance continues to be underpinned by its unique culture and people. The firm employs nearly 15,000 Associates globally and is consistently recognized as an employer of choice. During fiscal year 2026, Lockton earned multiple workplace and industry accolades across the world, including Business Insurance’s Best Places to Work in Insurance, Glassdoor’s Employees’ Choice Awards, Deloitte Private and The Wall Street Journal’s U.S. Best Managed Companies, and Axco’s Global Broker of the Year, among others. 

Lockton reports $4.5B in FY2026 revenue with 12% growth and a sixth year of double-digit organic growth, driven by global expansion, AI, and advisory strength.

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Lockton Fiscal Year 2026 Revenue Increases to $4.5 Billion

SAO PAULO, MAY 20, 2026—Lockton Re, the reinsurance business of the world’s largest privately held independent insurance broker, is pleased to announce the full deployment of its advisory and structuring capabilities through locally licensed Special Purpose Securitization Entities (SSPE) dedicated to Brazil's Letra de Risco de Seguro (LRS) market. 
Rodrigo Botti, Country Head Brazil, Lockton Re, said "Brazil has built one of the most thoughtfully designed ILS regulatory frameworks in the world. The domestic LRS market builds on existing global structures, bringing global governance standards, while at the same time creating innovation designed for Brazil's market realities. Lockton Re colleagues have been at the table since at least 2023, and we are proud to now offer the full spectrum of services — from structuring and regulatory advisory to investors — to help this market reach its extraordinary potential." 
Lockton Re is delivering pioneering local ILS structuring expertise, leadership, and a ready-to-deploy Brazilian SSPE to unlock the LRS market for Brazilian cedants and institutional investors, supported by full reinsurance structuring capabilities of Lockton Re. The announcement coincides with the 9th Encontro de Resseguro do Rio de Janeiro (May 19–20, 2026), Latin America's most important reinsurance forum, where Lockton Re's leadership will be presenting on the transformative potential of LRS for Brazil's insurance ecosystem. 
A First-Mover Advantage Lockton Re is working closely with an independent Brazilian-licensed SSPE — the local special purpose vehicle required to structure and issue LRS instruments. This gives Lockton Re a clear path to advise cedants wishing to tap domestic LRS transactions and avoids incurring months-long setup processes that other market entrants face. As a result, Lockton Re's clients can move from mandate to issuance with unprecedented speed. The platform supports a wide range of triggers including indemnity, parametric, and index-based structures across multiple perils — from agribusiness and infrastructure to climate catastrophe and regulatory capital relief.

Dario Luna, Lockton Re, Latin America & Caribbean, concludes, “Having structured Mexico's catastrophe bond program and worked across the parametric insurance landscape in Latin America for many years, I can say with confidence that Brazil's LRS is the most robust regulatory architecture for ILS in Latin America. Our team is now ready to deliver competitive ILS solutions for new cedants and support them in their journey as the market matures.”

Lockton Re announces advisory and structuring capabilities through locally licensed Special Purpose Securitization Entities (SSPE) dedicated to Brazil's LRS market.

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