CFC
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The MGA has seen a “significant uptick” in dealmaking in the sector.
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CFC noted that growth moderated amid increased competition in cyber.
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The executive was speaking on the Behind the Headlines podcast.
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It plans to deliver other products for parts of the carbon value chain.
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The executive has over two decades’ experience in the market.
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The team will be led by Alejandra Hernandez Irizarry and Courtney Alonzo.
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Lloyd’s may be wary of making disciplinary hearings more public, but it could at least make processes more transparent.
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The question is whether the inherent value in CFC was in fact concentrated in departing executives David Walsh and Graeme Newman, or if the business can trade forward as it did.
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Insurance Insider understands David Walsh told employees in a memo that “certain culture failings” were identified in an investigation which had gone on “for some time”.
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The centre will identify, define and categorise cyberattacks in a similar way to catastrophe events.
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At the CFC Summit 2023, James Burns said that clearer cyber systemic risk definitions in policies could enable the formation of a "true cyber catastrophe market".
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Existing CUO Andy Holme will move to a broader group role.
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James Burns, head of cyber strategy at CFC, said updated war exclusions could be beneficial for policyholders if properly defined.
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Simon Hughes spent just under seven years as CFC’s cyber team leader.
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The carrier also posted a 187.3% increase in its GWP, reporting premiums of $218.8mn in 2022.
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Scott Bailey previously spent 12 years at CFC managing the technology and media division.
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The MGA has grown its fintech book by 100% in the last year and the new team will be led by Hannah Durrant.
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The move marks a return to the MGA for Bailey, who was one of CFC’s early employees.
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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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The record-breaking deal valued CFC at more than £2.5bn, equivalent to in excess of 40x Ebitda.
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CFC group CEO David Walsh has said his firm will not need to pursue inorganic growth via M&A with the additional firepower secured with the MGA’s buy-in deal with private equity houses EQT and Vitruvian.
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Insurance Insider revealed yesterday the capital injection had valued the business at over £2.5bn ($3.5bn).
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The valuation represents a sector-leading multiple of in excess of 40x Ebitda.
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This publication revealed in April that Evercore had been retained to run a process for the cyber-focused MGA.
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The new CEO identified cyber reinsurance as an area where the carrier could look to grow in a core class.
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