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Based in New York, the executive will report to Axa XL CUO Libby Benet. -
The consortium is supported by 11 other Lloyd’s businesses.
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Danny Hubbard and Richard Stockley both have decades of insurance market experience under their belts and have been named as divisional director and associate director, respectively.
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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 landmark settlement was approved by the US Department of Commerce and the US Department of the Treasury and was not in breach of any sanction regimes, AerCap said.
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The US-based cyber MGA launched in the UK in April.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.
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