CFC
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The move marks a return to the MGA for Bailey, who was one of CFC’s early employees. -
The executive will work to develop insurance products and solutions at the MGA.
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The MGA is a “significant way down the road” in establishing an independent body in the UK for declaring and categorising cyber catastrophe events.
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The Lloyd’s chairman acknowledged that, five years ago, the corporation wasn’t “match fit”.
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The appointment of Granger follows other recent cyber market moves, including the entry of Starr to the market.
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Inigo 1301 achieved the greatest scale of the new syndicates, writing $428mn of business.
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The appointment comes in the wake of a major private equity deal for CFC, and the launch of a Lloyd’s syndicate.
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The new team now counts 15 underwriters working with 1,600 brokers across 80 countries to reach more than 6,000 clients.
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The contingency book was skewed towards prize indemnity and over redemption, representing less than 1% of CFC’s business.
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Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
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In an interview, group CEO David Walsh and CEO Graeme Newman discussed securing growth, technology and the importance of capital optionality following CFC’s most recent PE buy in.
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The new London Bridge framework is less useful to the bulk of specialist ILS asset managers than it is end investors.
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