Cyber
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James Platt has previously held group COO and chief digital officer roles at Aon.
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The consortium will offer up to $50mn of per-program capacity.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The Lloyd's CUO warned against "calling victory too early".
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The carrier's UK portfolio will no longer be written with an in-house team.
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The cyber market faces significant claim notifications from Change Healthcare clients.
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Cyber Quoting will connect global cyber insurers and US distributors.
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The average rate increase in the cyber market stands at 1.6%.
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CyberCube expects ransomware attack to impact both large and SME accounts.
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Stefan Sperlich will lead the new division as managing director.
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However, it doesn't prove a mutual is a wrong concept for the cyber market.
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Leahy has worked in the London market for almost a decade.
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The project is not immediately moving forward due to lack of client demand.
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Brit Cyber First50 will be placed through the Brit-led consortium.
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Small scale cyber attacks are set to increase in the near term.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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Many carriers’ views on cyber are mixed, the agency said.
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Dejung spent 13 years at Scor, most recently as cyber CUO.
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The facility is backed by a host of Lloyd’s syndicates.
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Shannan Fort was a partner in McGill’s FI and cyber team.
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The code has been launched by the Code of Conduct Claims Working Group.
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Anderson first joined Scor in 2017 as a senior cyber and technology underwriter.
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Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
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The timeline for the centre launch was announced at last year's CFC Cyber Forum, in which CFC's then CUO described the launch as a “coming of age for the cyber market”.
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The 1 January renewals featured a significant shift away from mainstay quota share and aggregate coverage, with examples including Axis and Brit dropping specific stop-loss covers.
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Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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Prior to his resignation, Stubbs held the role of deputy class underwriter at Chaucer Group.
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Traditional InsurTech offerings for the UK mid-market "often fall short", according to Cowbell UK’s Simon Hughes.
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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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Gareth Wharton announced his exit after nearly 18 years with the company in a post on LinkedIn.
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Howden was the most active acquirer as people-move activity peaked in Q2, this publication’s data showed.
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Gamze Konyar has been promoted from her prior role as head of Marsh’s cyber practice for the Central and Eastern Europe and Eastern Mediterranean regions.
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Getty was appointed to the role in December of last year, having joined Talbot as cyber and technology class underwriter in 2017.
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Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
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The product is led by Canopius and IQUW, with support from three other Lloyd’s insurance company markets.
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The incoming cyber head was previously head of cyber for Marsh Europe.
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Edward Hart joined Aspen in February and has previously held roles at Brit and Barbican.
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Patrick Bousfield is understood to have resigned from his current role as senior broker at Lockton Re Bermuda.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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He joins the cyber specialist from Aspen where he held the role of international head of cyber since 2019.
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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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Reports show that the combined use of supply chain exploitation and data exfiltration is causing double-digit million-dollar losses for cyber insurers.
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Pierro will be responsible for establishing operations in France and growing the company’s European cyber insurance portfolio.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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Podmore joins from Swiss Re, where he held the role of lead cyber underwriter.
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Executives said geopolitical uncertainty, economic stagnation, cyber, cat events and inflation will drive demand on the Continent.
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The International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.
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Jose Carlos Jiménez Fernández and Rafael Ortiz Losada have joined the company as senior underwriters.
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The US could be exposed to economic losses of $1.1tn in the event of a cyberattack, the highest of any country.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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The fine relates to a breach that took place in 2017, where hackers were able to access the data of 13.8 million UK consumers.
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Former Tokio Marine Kiln cyber underwriter Alex Jomaa is CUO for the firm and head of UK.
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Plus this week’s people moves and all the top news from this week.
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The centre will identify, define and categorise cyberattacks in a similar way to catastrophe events.
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The report also stated that digital technology could generate savings of 10%- 20% in other processes in the value chain.
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A report from the firm warns that the market needs to upskill on cyber.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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The MGA has promoted Rehan Hussain to head of underwriting for international and Tom Ryan to head of cyber for UK, Ireland and the Nordics to guide the expansion
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Insurance Insider has analysed premium growth trends across Lloyd's and the company market for 2022.
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Head of underwriting Matthew Waller welcomed an FCA letter that called for policy wordings that are clear and that customers understand the coverage they are buying.
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Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
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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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Based in New York, the executive will report to Axa XL CUO Libby Benet.
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The founding members include Munich Re, Gallagher Re, and BitSight.
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The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"
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So far, no other reinsurer has come out publicly to align itself with Munich Re’s stance on cyber war, leading to a patchwork of approaches at cedant and reinsurer level.
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Perils said that supporting risk transfer through index-based ILS would help to free up reinsurance capacity.
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More than 20 approved wordings will be divided into seven categories, which vary by risk aggregation potential.
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The US-based cyber MGA launched in the UK in April.
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Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.
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In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.
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In his new role, John Wynne Davies will be responsible for developing Coalition’s strategy in the UK.
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It is understood that Cozens will follow former head of cyber and technology Creasy to Inigo.
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Aon’s report found that ransomware attacks on average have a 12% lower impact than data breaches.
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The carrier has appointed Antonia Osborn as director of underwriter and Philip Smith as its new lead cyber underwriter.
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The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.
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CyberCube found 2,890 vulnerable MoveIt managed file transfer (MFT) deployments mapped to companies in 75 countries at the end of June.
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Existing CUO Andy Holme will move to a broader group role.
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This follows the appointment of Aon's Foord-Kelcey, who is set to head Howden Tiger's cyber re team.
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Ransomware attacks are increasing in frequency yet becoming less effective or financially viable for threat actors, according to cyber threat intelligence principal William Altman.
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The firm has also appointed Moore and Bye as cyber underwriters in London and Singapore.
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Cyber GWP could exceed $50bn by 2030, the broker predicts.
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The quota share cyber reinsurance market is finely poised, with good appetite for strong cyber writers, but reinsurers are cautious of new writers or fronted MGAs.
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Following Neil Arklie's exit, cyber underwriting performance manager Maria Mathews Saunders will manage the class, reporting directly to the head of underwriting performance.
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The broker used three major cyber models to analyse the drivers of model variability, with revenue coming top as the most prominent driver of loss variability.
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Kelly Butler will be responsible for the strategic development and delivery of Marsh UK cyber insurance and placement capabilities.
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Europe is "well equipped" to become a leader in cyber security protection, says Axa XL's Ana Dores.
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The executive joins from Crum and Forster, with 20 years’ cyber experience.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.
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Insurers are looking ahead to possible fallout from issues such as cyber risks and the impact of AI on the workforce, while still seeing these new trends as opportunities to capture.
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A quarter of insurers have such bad cyber security ratings that they would struggle to get coverage for themselves.
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Three key reports have unearthed issues around capital and lower return period loss figures that may need to be addressed for the cyber market’s maturation, as a pivotal 1 July renewal date approaches.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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Plus the latest executive moves and all the top news of the week.
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A report by the ratings agency shows cyber insurance pricing has risen by 11% in Q1.
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Lloyd's chief of markets Patrick Tiernan set out some of the reasons why Lloyd's controversial approach to cyber war segregations could have had a "softer landing".
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With the move, the Corporation effectively doubles down on its original stance on cyber war exclusions.
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New language has been introduced by some insurers to limit exposures to cyber risks.
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The division, which previously was a part of TMK’s specialty unit, will consist of cyber, technology and intellectual property specialisms.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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Cyber will be the only line Inigo enters this year after pushing into several new lines last year, including FI, aviation war and onshore energy.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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Trium cyber is the first monoline cyber vehicle to be approved by Lloyd’s, and began writing business in January.
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According to the latest cyber and E&O report from Aon, premium rates in 2023 are expected to be more competitive than the last 24 months.
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The ongoing debate raging in London on the nuances of cyber war wordings threatens to wreak more reputational damage on the industry if a consensus is not found.
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Tom Abbotts joins from Elmore Insurance Brokers, where he was one of the founders and led the cyber, technology and fintech team.
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
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The endorsement allows for broader coverage, as it includes a writeback on collateral impacts arising from a cyber operation that is carried out as part of a war.
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The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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Interest in distribution mechanisms such as facilities are seeing something of a resurgence in the regional SME market.
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Beazley CEO Adrian Cox told investors the carrier's cyber expectations remained “unchanged” for the year, despite predicting a slowing of growth into Q2.
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A move by Lloyd’s to exclude catastrophic state-backed cyber war has sparked debate in the market.
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The cybersecurity professional has more than 20 years’ experience.
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Ransomware will remain the primary loss driver in 2023 in terms of threats for businesses and individuals.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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The underwriter has over a decade of cyber experience and has worked at Axa XL since 2020.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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A recent rise in ransomware incidents – along with pricing deceleration, attracting capital, and the Lloyd’s cyber war exclusions – were among the hot topics at Zywave’s cyber conference in London.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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The underwriter will be based in southern California and lead global strategy in cyber for the insurer.
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The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.
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The US bank is said to have expressed unease to Lloyd’s over the increased threat of state-backed cyber attacks on large, international corporations.
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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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Details on Beazley’s cyber war product are yet to come to light, but there are questions outstanding on event definition, wordings and whether the market will follow.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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It has increased its limit based on market demand and feedback from customer base across the port and shipping sectors.
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Simon Hughes spent just under seven years as CFC’s cyber team leader.
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Legal precedents are being set which could lead to crippling liabilities for US businesses as well as longer term data management implications.
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WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.
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The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March.
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Monica Tigleanu will be succeeded by Simone Hardy, who has been appointed senior underwriter, joining from The Channel Syndicate.
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The hires will support the MGA’s recently launched cyber product in partnership with Travelers.
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Prior to joining BHSI in 2020, Ben Ruddlesdin worked as an underwriter for The Hartford.
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The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.
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The market has undergone substantial multi-year hardening after a surge of painful loss activity.
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The MGA will offer a £10mn excess line, as well as access to its attack monitoring technology.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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With the new war exclusions starting to take effect from Q4 last year, the executive expects a disorderly few months before the market reaches equilibrium.
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Erica Kofie and David Warr move up in the cyber team.
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Structures have been developed that would avoid “excessive capital trapping”.
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New supply is entering the market after a remediation phase, but waning demand for London capacity is set to create pressure on pricing.
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Increased appetite to grow in the cyber market is moderating rate momentum after a period of major hardening.
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Scott Bailey previously spent 12 years at CFC managing the technology and media division.
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Matthew Silley joins from Axis Capital, where he was cyber portfolio management lead.
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Plus all the top news and latest people moves of the week.
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Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
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It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.
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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).
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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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The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
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James Creasy is leaving the carrier to launch a cyber book with Inigo.
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Alex Jomaa has also worked at CFC and Lothbury UK.
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The cyber specialist joins a company in growth mode, with acquisitions and new offices in London and Europe.
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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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Matthew Webb is a long-standing Hiscox employee, having joined the firm more than 17 years ago.
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The operation will be led by global product VP Mitesh Chauhan, who joined the cyber risk modeling firm from Entrust.
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The MGA plans to build up its presence within the Lloyd’s market.
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Mondelez had filed a $100mn lawsuit against the insurer over payment denial.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The MGA will write the cyber business out of its recently opened Frankfurt office.
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The executive will work to develop insurance products and solutions at the MGA.
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The Richard Watson-led carrier has continued to broaden its suite of products since launching at the start of 2021.
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Miris will offer up to EUR25mn of capacity to each member, with policies incepting from 1 January 2023.
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Sources told Insurance Insider that unusual activity was the result of an update to some of Lloyd’s systems, however the Corporation declined to comment on speculation.
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Consilium’s financial lines operation specialises in professional and executive risks as well as cyber.
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Ezeugo Aguta joins former colleague Richard Taylor, who left Munich Re to help Probitas enter the cyber market at the end of 2021.
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A market memo confirmed that investigations are now at an "advanced point".
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The Corporation is resetting systems as it investigates “unusual activity” on its network.
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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 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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Odyssey Group cyber chief Robert O’Connell is looking to raise up to $1bn of capital to launch a monoline cyber reinsurer, this publication can reveal.
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Plus this week’s top carrier results and need-to-know people moves.
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The carrier reported a H1 combined ratio of 74%, as it targets $1.3bn in cyber premium for the year.
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The coverage is provided in partnership with Beazley.
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The MGA has added cyber underwriting and claims professionals as well as a security expert.
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A study by CyberCube has also found that Microsoft detected Russian network intrusion attempts against 128 targets in 42 countries outside of Ukraine.
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In a post-results media call, Beazley CEO Adrian Cox also noted that an expected increase in cyber claims had not yet “manifested”.
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The appointment of Pushpa Sriwignarajah comes amid change within the Hiscox cyber team.
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The market is taking its first proactive steps to resolve issues posed by the massive systemic exposures it is running.
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Craig Dunn’s exit follows a flurry of movement in the cyber market.
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The carrier is planning to put boundaries around coverage granted in major cyber catastrophe events, in a bid to define exposures for itself and the wider market.
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Insureds are also buying less limit to manage spend, which is impacting the flow of business to the London excess market.
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The incoming cyber head will step into the role left by Laura Hunt, who joined AIG last month.
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Continuing price rises in cyber are fuelling concerns there will be a rise among insureds deciding not to renew and a drop in new buyers.
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The broker expects UK underwriters to target industries aligned with appetites, leading to pricing divergence.
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The global damage related to cyber crime will reach $10tn by 2025, according to current estimates.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.
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Prior to joining, Laura Hunt was cyber practice head at Chaucer for seven years.
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Aon’s report covering multiple classes and geographies highlighted improving conditions in D&O for the UK, and a moderation of rate rises in property.
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The analyst firm estimated more than 60% growth in Beazley’s cyber portfolio in 2022
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The appointment of Granger follows other recent cyber market moves, including the entry of Starr to the market.
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There are still some hurdles preventing widespread ILS adoption of cyber risk, but momentum should increase.
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Cyber and M&A insurance are the emerging trends in the region fueled by increased jackpotting attacks and deal activity.
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The move comes as the London market continues to suffer from a lack of cyber capacity.
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The follow-only vehicle initially launched in January with a more limited set of permissions.
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The appointment comes after the carrier’s previous head of cyber Neil Arklie left the business for Lloyd’s.
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A report from the Bermuda Monetary Authority shows how the island’s carriers have raised their worst-case estimate of cyber losses in recent years.
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The conglomerate looks to step into the role of insurer of last resort amid capacity constraints and surging client demand.
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Aon’s E&O and Cyber Market Review found that between Q1 2019 and Q4 2021, ransomware attacks surged 323%.
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The firm has previously said it will not renew existing contracts in Russia and Belarus, while new business in the countries has been suspended.
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WTW forecasts that cyber rates could increase by 100% to 200% for heavily exposed industries.
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The MGA’s gross written premium now surpasses $650mn.
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Christian Taube will be responsible for developing Beazley’s cyber risk management and incident response functions.
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Roger Francis will lead a team of incident responders and cyber security specialists across the US, London and Australia.
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Lloyd’s 2021 results have revealed significant improvements in virtually all lines of business as well as rocketing premium growth in reinsurance and primary casualty business.
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The insurer has transferred cyber underwriter George Cole from London to its Bermuda HQ.
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Aon took a top five spot in the independent magazine’s list of the top 10 most innovative finance companies.
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The intermediary’s London Market Appetite Survey also found increased enthusiasm for sustainable energy risks.
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The analytics firm warned of retaliatory attacks on banking and financial services, IT services, ISPs, shipping and logistics, and public utility companies.
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Philippa Berry will be responsible for leading CFC’s cyber strategy, as well as championing its cyber-related special products.
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Helen Nuttall joins from Beazley, while Patrick Cannon was most recently at Tokio Marine Kiln.
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Legal costs relating to the breach have been described as “astronomical” and sources say it is now all but certain that it would result in a full payout.
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At the ABI conference this morning, carriers were warned about crime syndicates’ use of automation to deploy cyber attacks.
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Cyber reinsurance premiums may exceed those of property cat by 2040.
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Sources told this publication Tom Draper would become head of insurance at the expansive MGA’s European operation.
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Beazley’s Smart Tracker syndicate also reported a 49% increase in GWP to $198.2mn as the company pushed ahead with top-line growth across the board.
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In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.
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The role will focus on development and the provision of risk advisory services.
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Rates rocketed in the two most challenged areas of the market, while price deceleration continued in P&C, the broker’s index showed.
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Mosaic said the partnership marked an expansion of its syndicated programme launched last December.
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Plus booming broker growth; GRP, Covea UK and James River sales; and all the top news of the week.
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Cyber rates continue to spike globally, along with financial and professional lines, Marsh data shows.
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Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.
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Oliver Delvos will lead Corvus’s office in Frankfurt, Germany, which is slated to open later in 2022.
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There is a nervousness among both brokers and underwriters around what compounding rate rise may mean for appetite for the product.
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The analytics company said healthcare, education, manufacturing and utilities sectors could face ransomware attacks.
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Plus the latest executives on the move and all the top news of the week.
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The New Jersey Superior Court rejected insurers’ attempts to apply a war exclusion to prevent paying out for BI losses.
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Liz Kim is joining Gallagher Re’s 40-plus-strong cyber team from Hiscox, where she has spent more than 12 years.
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International CUO Kyle Bryant declined to specify when the company would be up and running but said it was in advanced discussions and “quite confident” of landing a deal soon.
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Sources said there was still uncertainty over whether the 2021 underwriting year would turn a profit.
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Another pandemic outbreak came in fourth place, with 22% of respondents saying they were worried about further health and workforce issues and movement restrictions in 2022.
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The business will use the investment to accelerate growth and fund global expansion.
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The former Marsh broker was initially slated to join Lockton Re’s cyber reinsurance practice.
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Sources have told Insurance Insider that the majority of Beazley’s planned income is driven by rate increase, with limited new business.
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With this deal, Corvus said it becomes the first cyber InsurTech to acquire a London underwriting platform.
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Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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It is understood that Ascent is currently in negotiations with a number of new potential lead markets.
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The change in plan comes as Lloyd’s restricts cyber growth.
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CyberCube also forecast that fresh capital will start to flow into the cyber insurance market next year.
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The UK National Cyber Security Centre has described the flaw as potentially “the most severe computer vulnerability in years”.
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The regulator said increased home-working and digitalisation had heightened levels of cyber risk.
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Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
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The carrier has hired Richard Taylor from Munich Re Syndicate to lead its entry into the class.
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Autonomous shipping and complex supply chains make the maritime industry vulnerable to cyber disruption.
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Arklie follows in the footsteps of Patrick Tiernan, who recently swapped Aviva for Lloyd’s.
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Ryan Specialty Group MGU EmergIn Risk renews cyber binder with RenaissanceRe and names a cyber expert to lead its London team.
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The report also noted that global reinsurer capital totalled $660bn as of June 30 2021, a $10bn rise from the end of 2020.
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Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.
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Marsh believes market hardening peaked in Q4 2020, although cyber price rises hit 96% in the US during Q3.
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A new market survey sheds light on the disparity in pricing and approaches to ransomware as the cyber market remediates.
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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.
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Aon, Guy Carpenter and Lockton chiefs discussed competition between the Big Three brokers and start-ups, climate change and the war on talent.
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In a wide-ranging interview with this publication, the CEO also outlined how he would “reestablish the investment thesis” for the firm after missteps in 2020.
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Coletti takes the role previously held by Anthony Cordonnier, who recently joined reinsurance broker Guy Carpenter.
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Plus a look at reinsurers’ cat budgets and all the top news from the week.
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This current hard cycle in cyber is potentially a once-in-a-generation opportunity to engineer the product as fit for purpose.
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The recruit also spent time working for Liberty Specialty Markets in Germany.
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The Week in 90 Seconds: Cyber hardening; Lloyd’s modernisation; Ardonagh re-fi; business travel pollPlus the latest on pandemic BI payments and all the top news from the week.
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The specialty insurer has brought in the underwriter following the departure of Kristen Dauphinais at the end of May.
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The carrier’s Singapore business has become the latest insurance company to be impacted by cyber criminals.
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Reinsurance market tightening and loss ratio deterioration are two factors fueling momentum in cyber rates.
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The broker said it was possible that certain personal details were accessed during the hack.
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The carrier has restructured its cyber business with stringent underwriting conditions.
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The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners.
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The carrier said on business written since the autumn, cyber claims frequency was 20% lower by policy count.
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Russia-based Revil group is reported to be behind the ransomware attack on the US IT service provider.
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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.
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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.
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Companies including Axa and CNA Financial have also been recent victims of cyber criminals.
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Three companies were compromised and Microsoft found malware on one of its systems in an attack blamed on the Russia-backed group.
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Plus the lowdown on CFC’s syndicate capacity and all the top news from the week.
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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.
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Jennifer Quinn will be tasked with growing Liberty’s market presence in cyber and strategic assets business.
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The wholesale broker’s cyber index shows 70% of clients were hit with double-digit rate hikes in April.
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The broker’s cyber practice leader Tom Quy will lead the initiative.
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Panellists said that improved data around aggregations could attract new cyber reinsurance players.
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Expert panel explores capital constraints, ransomware attacks and hardening market at Insurance Insider’s Cyber Summit 2021.
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Falcon Risk Holdings will initially focus on financial and cyber lines in the US.
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Brokers were informed on the final working day before the 1 June renewal that the MGA would not be able to honour renewal quotes for cyber clients.
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After loss ratios surge, report warns that US cyber prospects are "grim".
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After loss ratios surge, the ratings agency's report warns that US cyber prospects are "grim".
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The underwriting executive will oversee lines including cyber, D&O and casualty.
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The cyber expert will succeed Catharina Richter as head of Allianz’s cyber center of competence.
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A smattering of data points and commentary from Q1 analyst calls shows that turnaround efforts are bearing some fruit.
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Hacker group Avaddon has given the carrier 240 hours to comply with its demands.
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The Week in 90 Seconds: A guide to Gallagher-Willis; Florida renewal look-ahead; Two offshore lossesPlus the insurers on-risk for the Colonial Pipeline cyber attack and all the week’s top news.
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Sources say the pipeline operator has at least $15mn in cyber insurance cover.
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Axa France says it will continue to reimburse policyholders for breach response costs.
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The former financial lines CUO will start at the end of the month and be based in Switzerland.
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A new framework devised by the carrier shows hidden cyber exposures across contingency, property BI, A&H and property covers.
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EC documents do not give details of individuals, but said the ringfenced team ranges in seniority.
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Zurich’s Boston-based global head of cyber risk Lori Bailey is set to leave the business, Inside P&C understands.
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Anthony Cordonnier will join the firm in the second half of 2021.
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The move comes amid increasing market-wide concern over exposure to ransomware.
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The broker’s latest report points to big opportunities in cyber re and retro.
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The practice leader had overseen the London arm of the RSG Underwriting Managers cell since 2018.
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The potential for a wave of class actions as a result of biometric data privacy laws has the cyber market on alert.
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The insurer said the attack impacted certain CNA systems, including corporate email.
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The initiative is designed to improve trading efficiency and reduce data double-entry.
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Sources say he is succeeded in the role by Everest’s current deputy head of cyber Ayesha West.
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The MGA aims to improve its cyber claims and incident response abilities through the deal.
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The insurance coverage aims pay for the costs of a vessel being put out of service by cyber attacks.
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The reinsurer says it is in discussion with clients and industry trade bodies on the issue.
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The breach at the service provider has the potential to generate losses on cyber programmes bought by individual airlines.
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The ratings agency says additional standalone cyber products would help clarify the scope of cover.
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The product will initially be available in the US, with scope to expand internationally at a later date.
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Brian Dusek will develop and grow the start-ups North America cyber portfolio and report to Yosha DeLong.
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Yosha DeLong will be cyber underwriting head, whilst James Tuplin will be international head of cyber underwriting.
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The new arrival will also be financial lines manager for Denmark and Norway.
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A Lloyd’s report warns that increasing digitisation makes key infrastructure assets more vulnerable.
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Growing links between operational and information technology make cyber-led property damage an increasing risk.
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The majority of London underwriters said they expected rates across their cyber book would be up 30% for the year.
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The CEO also discussed Beazley’s approach to re-underwriting cyber risks.
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The deal follows an agreement the reinsurance broker reached in December to partner with auction platform Tremor Technologies.
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Maya Bundt says insurers can do more to advise insureds to treat cyber like they would ESG concerns.
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Cyber risk management platform CybSafe has raised £5.6mn ($7.9mn) in a Series A1 funding round.
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He reports to the carrier’s global chief underwriting officer for financial lines, Libby Benet.
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The executive responds to claims that cyber insurance “funds organised crime”.
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Covid-19 disputes could drag on for years, the executive warned at the Insider London event.
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Chubb and Crum & Forster are among the markets requiring further underwriting checks and introducing exclusions.
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The senior broker warns new endorsements by some carriers may make insureds question the purpose of cyber cover.
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The broker warns that some carriers are seeking to limit cover in response to the attack.
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Pandemic outbreak jumps 15 places to become the joint-second perceived risk.
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The carrier becomes the latest to review policies in order to manage exposures.
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This publication looks at 10 issues that will shape the industry in the year ahead, from rate sustainability to start-up progress to the post-Covid recovery.
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The broker’s 1st View report also finds hardening in the engineering market and increased appetite for quota share within marine.
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The carrier says ransomware incidents are now more likely to include a threat to release stolen data.
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The underwriter formerly led Axa XL’s international cyber offering in London.
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Delegates at the Marine Insurance London conference said that the sector needed to embrace data and innovation.
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But getting loss ratios under control will require more than just pushing prices higher.
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A range of sources in the reinsurance market said cedants needed a stark reassessment of primary rates.
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Disagreement over cyber wordings in named-perils cover joins the list of issues creating friction ahead of 1.1.
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Safeonline CEO Chris Cotterell becomes chairman of Howden’s cyber division.
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The report said that the volume of cyber insurance claims had gone up more than nine times in the past five years.
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With rate increases potentially falling short of rising loss costs, who will drive the changes needed in cyber?
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The Beazley CEO also revealed plans to buy more reinsurance for FI and D&O.
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The firm is one of a few carriers writing cyber for municipalities and townships in the US.
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The exit is understood to be part of a restructuring of the broker's cyber team.
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The company has so far recouped $77mn from the March 2019 attack, which it previously estimated caused losses of up to $81mn last year.
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The move marks a return to broking for the executive who, prior to Axa XL, worked at Willis Towers Watson.
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Speakers say clarity on coverage will limit cyber aggregation risk.
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Previous cyber rising stars Adam Taylor of Brit and Camilla Walker of Canopius move up the 2020 league table.
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The portal will be aimed at international brokers placing non-US risks and will hold a wide range of information.
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Covid’s “slow, prolonged and symmetric” nature contrasts with a cyber attack or supplier outage, operations expert Nick Strange notes.
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The pandemic has shown that acting ahead of a major event and ensuring wordings clarity are key.
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The move marks the latest sign of capacity retreat from the sector.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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While brokers surveyed estimated rate rises of 5% to 10% over the last 12 months, underwriters’ estimates ranged from flat to up 30%.
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The MGA’s underwriting firepower rises by 15%.
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The underwriting association aims to tackle outstanding reinsurance lines ahead of the Lloyd’s schedule and in time for the key renewals season.
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Lauren Folkard was Barbican’s cyber class underwriter for just over two years and will be based in London.
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The payment of ransomware demands is typically covered under a cyber insurance policy.
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The cover is targeted at US middle market buyers of cyber liability and technology errors and omissions insurance.
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The wider London market is expected to largely escape losses on the $400mn programme.
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Argo Group has exited the SME cyber market, leading to the departure of senior underwriter and group head of cyber Paul Miskovich from the carrier.
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The parent company says it’s unclear whether data has been compromised or lost.
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Curtailed insurance spend and a more cautious tone from underwriters will put bullish cyber growth targets out of reach.
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Sources say the carrier’s group head of cyber Paul Miskovich has left his post.
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The appointments are effective 1 July.
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Median losses rise six-fold to $57,000 in the 12-month period surveyed, but the proportion of firms experiencing a cyber events falls.
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Allianz Global Corporate & Specialty (AGCS) has launched a new cyber insurance product, supported by recent new appointments to its UK cyber team.
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Former Zurich underwriter Michela Moro and CFC’s Lewis Bennett join the team.
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The marine cyber MGA and risk manager was launched last year by ex-Standard Syndicate 1884 active underwriter Robert Dorey.
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The new recruit will lead the carrier’s US open market business.
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The broker said the increase was driven by an uptick in average claims frequency.
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Cyber incidents involving manufacturers jumped by 156 percent, according to the study.
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Bryan McCalister has joined the specialist MGA as it forges ahead with expansion plans.
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Thomas Kang joins Allianz from Willis Towers Watson.
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The former regional leader gains a promotion.
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The former actuary will report to head of international and financial lines Andrew Scott.
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Umbrella covers and commercial property "hardening at fastest pace since 9/11”.
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The additional investment takes the cyber specialist’s total backing to $125mn.
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The business unit was established in 2018 to monitor the company’s group-wide cyber exposure.
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There are “massive concentrations of risk”, one panellist at Insider US warned.
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The raise was led by Alpha Intelligence Capital, and was its first major InsurTech investment.
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Aviation and marine experts Dominic Toogood and Gary Moore join the firm from Prospect Insurance Brokers.
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She is set to lead the company’s US growth strategy as it expands into the admitted lines cyber market.
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Perkins arrives at the carrier after working at Lockton for five years.
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Within specialty, political risk is the sole line tipped for increased premiums.
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The incoming chief will take the helm of the recently created unit in July.
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Efforts to affirm or exclude cyber from non-specialist products are creating challenges for underwriters and brokers, writes Laura Board.
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