Cyber
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Businesses are increasingly opting not to take up cyber insurance amid rising costs, despite the growing threat from cyberattack, according to the British Insurance Brokers’ Association (Biba). -
InsurTech Cygnvs, eight months after closing its $55mn Series A funding round, has come out of stealth mode.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
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As insurers grow more comfortable with retaining attritional cyber risk they are altering reinsurance placements.
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The energy crisis came in as a top-four concern, with 44% of respondents expressing worries over fuel costs, supply disruptions, inflation and the effects of Russia’s invasion of Ukraine.
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The underwriter has worked at companies including WTW, AGCS and Arch in a career spanning more than 20 years.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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The cat bond will pay out to Beazley if total claims arising from a cyber attack on its clients surpass $300mn.
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The syndicate will access first excess – and eventually primary – business for US large corporates which typically does not make it to Lloyd’s, the CEO said.
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Companies including Airbus and Michelin have teamed up to pool cyber risk amid capacity constraints in the commercial market.
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