CFC
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The centre will identify, define and categorise cyberattacks in a similar way to catastrophe events. -
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”.
