Cyber
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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. -
The capacity deal was brokered by Lockton Re.
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Plus all the top news from the Monte Carlo Rendez-Vous and this week’s exclusive executive moves.
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The new carrier will be backed by Ariel Re owner Pelican Ventures and aims to write $50mn GWP in 2023.
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In the newly created position, Rudow will report to Everest North America reinsurance head Jill Beggs.
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The executive will relocate from London to head the North America team of cyber brokers and actuaries.
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Growing competition for UK property business kept price increases in check during the quarter.
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Cyber risk ILS will grow slowly in the short-to-medium term, S&P Global Ratings has predicted.
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Alongside war and infrastructure failure exclusions, the wordings include sub-limits for two cyber catastrophe scenarios.
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The carrier has also hired Munich Re’s Andreas Schmitt as group cyber underwriting manager.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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New capacity has also entered the wider market over the period, with WTW adding that more is likely to follow in Q3.
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