Cyber
-
The carrier has restructured its cyber business with stringent underwriting conditions.
-
The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
-
The carrier said on business written since the autumn, cyber claims frequency was 20% lower by policy count.
-
Russia-based Revil group is reported to be behind the ransomware attack on the US IT service provider.
-
Broking giant Marsh McLennan suffered a data breach in April that lasted more than a week and involved the exposure of the personal information of current and former staff, among others, this publication understands.
-
International insurance broker Howden said rising ransomware losses represented a “digital pandemic” that have helped to drive average global cyber insurance rates up 32% year-on-year.
-
Companies including Axa and CNA Financial have also been recent victims of cyber criminals.
-
Three companies were compromised and Microsoft found malware on one of its systems in an attack blamed on the Russia-backed group.
-
Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
-
The company is reducing the limits it offers to $5mn, non-renewing accounts with more than $100mn in revenues, and only quoting new business for accounts with less than $10mn in revenue.
-
Jennifer Quinn will be tasked with growing Liberty’s market presence in cyber and strategic assets business.
-
The wholesale broker’s cyber index shows 70% of clients were hit with double-digit rate hikes in April.
