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A canvass of sources suggests that a $3bn-$5bn loss could tip the cyber market into unprofitable territory. -
The market is warned to think about overall ecosystem interactions rather than “digitalising by stealth”.
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Everest Re bucked a more general trend to keep cat exposure stable.
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New capacity and increased competition is bringing rating levels under pressure.
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The upside for brokers of a larger Lloyd’s is not necessarily clear.
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US-listed brokers and carriers have generally continued to produce strong growth even in a transitioning market.
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The cyber market should use the latest outage to start decisively taking action on managing cat aggregates.
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Lloyd’s capital has several attractions to the MGA segment if it can manage the operational hurdles.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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Resulting lowered expenses could feed into Lloyd’s ambitions of building a £100bn premium market.
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Regulators are mulling reforms that could open the door to international independent brokers.
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With Hiscox’s founders no longer at the helm, deal-making may be more achievable.
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