Cyber
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Allianz Global Corporate and Specialty (AGCS) received over 1,000 cyber claims in 2020 and has warned of no abatement in the frequency and severity of ransomware losses flooding the market.
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Ariel Re hires its first cyber head as the Bermudian seeks a deeper role in the evolving sector.
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George Cole joins as an international cyber underwriter, while Lucy Barker-Hahlo has been named as a junior underwriter.
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Monica Tigleanu will join the reinsurance broker’s specialty division as part of its cyber practice.
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The former international manager of breach response services will step into a newly created role.
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In a post Covid-19 world, cyber-attacks have become increasingly frequent and more severe, with automated bot attacks surging specifically.
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Nazir boasts 20 years of industry experience, and has served at Chubb for nearly four years.
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The Series B funding was led by SoftBank Vision Fund 2 and will fund expansion beyond the core cyber class.
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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 San Francisco-based InsurTech is targeting international expansion, with plans to write business in the UK and Continental Europe beginning in 2022.
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The broker warned that the risk of a systemic cyber loss “is beginning to feel more like an inevitability.”
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Patrick Tiernan’s comments come as many cyber players in Lloyd’s prepare to ask the Corporation for budget extensions in the face of hard-market conditions.
