Specialty lines

He joins the cyber specialist from Aspen where he held the role of international head of cyber since 2019.

Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.

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.

The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.

Sources said the insurer will not be taking on any new business or renewals as the PV class continues to be threatened by potential losses.

The Bermudian also revealed a $29mn restructuring charge for Q3.

The carrier said the decision was the culmination of a “series of strategic portfolio adjustments”.

Reports show that the combined use of supply chain exploitation and data exfiltration is causing double-digit million-dollar losses for cyber insurers.

The class underwriter has spent more than two decades with Brit.

A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.

Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.

Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.