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Pryor-White founded Tarian Underwriting, which was sold to Corvus in 2022. -
The protection gap must be closed before a public cyber reinsurance scheme is possible.
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Spectrum joins investors ForgePoint, Hudson and MTech.
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Cyberattack/data breach remains in the top slot.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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The deal will be watched closely by Radian’s handful of similar peers.
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Global pricing is now 22% below the mid-2022 peak.
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The report highlighted the gap between insured and uninsured attacks is widening.
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Lockton Re has predicted major growth in the global cyber insurance market.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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The relationship between growth and capital is “symbiotic”, the broker said.
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Being conservative and stable is the name of the reinsurer’s game.
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Stefan Golling also said Munich Re’s appetite for agg covers was unchanged.
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It is understood that CyberCube has been considering a sale of the business.
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Growth in the SME sector could help stabilize the market, however.
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Cyber reinsurance supply has continued to outstrip demand during 2025.
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Assurex’s global independent broker network pumps $4bn of premium into the London market.
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The company was hit with a data breach on July 16.
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Emerging lawsuits and expanding loss triggers are giving rise to potential claims under a range of policies.
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The broker has noted that double-digit reductions are increasingly available in property.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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Property rates declined by 7% globally in the second quarter.
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Lucy Fraser has held roles at the ABI, and the City of London Corporation.
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The MGA no longer has an FCA licence and was wound up in May.
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Underscoring a more competitive market, the structure includes an escalating premium.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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Demand and growth opportunities remain ample despite competitive pressures.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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The cyber business will continue to operate as a standalone entity.
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Carriers expect a rise in the severity and frequency of claims over the next two years.
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Premium rose across the top 15 P&C risks in 2024.
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The aerospace, energy and marine markets all sustained multiple significant losses in H1.
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There has been an uptick in UK retail firms buying cyber after a string of attacks.
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Is the ransomware threat really getting worse – or just more visible?
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The facility, backed by six global cyber insurers, offers limits of as much as EUR5mn.
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The firm believes UK support for policyholders is under-served compared with the US.
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Plus, the latest people moves and all the top news of the week.
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The carrier’s president Andrew McMellin is aiming to double London market share in the next five years.
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The Beazley CUO said geopolitics would determine cyber market pricing.
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Coverage has broadened while limits have increased, the broker said.
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Some segments are moving faster than anticipated, but overall, it remains a mixed bag.
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The executive was formerly the head of cyber solutions, North America.
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The carrier has scaled up its international insurance offering in recent years.
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The protection gap is calling into question the relevance of the insurance industry.
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The new Lloyd’s chief of market performance also outlined target growth areas.
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Eric Seyfried and Glen Manjos are also departing Axis’ cyber and tech unit.
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Plus, the latest people moves and all the top news of the week.
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What’s next for Conduit Re’s strategy following a leadership shake-up?
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Plus, the latest people moves and all the top news of the week.
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While M&S had a cyber policy in place, Co-op and Harrods did not, Insurance Insider revealed.
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M&S, which still faces disruption from the attacks, had coverage lead by Allianz.
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The hire is the latest in the newly formed carrier’s buildout.
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Plus the latest people moves and all the top news of the week.
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Soft conditions have led to “less acute" underwriting discipline, sources said.
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The Willis-brokered coverage also includes the Willis CyXS facility.
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Ransomware threat actors are continuing to attempt ‘smash and grab’ attacks.
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Sentiment at the ILS Connect event hosted by Insurance Insider ILS was generally positive.
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Joanne Barry will be joining the team at Zurich.
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The Nordic operations have capacity provided by Allianz Commercial.
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The underwriter is taking on a role with Cipriani and Werner.
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The only major product line to see rate increases was casualty.
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Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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Despite a softening market, carriers still have belief in their profitability, sources said.
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The Gallagher Re executive called on the market to “prepare to grow sustainably together”.
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The facility now includes CyXS Plus and CyXS Company.
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James Barrett has been interim head of cyber since October 2024.
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Sources said extending coverage to Gen AI may be difficult and unnecessary.
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The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.
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Ethan Godlieb will be leading cyber, tech and fintech for the broker.
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Reinsurance and property remained the primary drivers of premium growth.
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Cyber, marine and aviation are recent areas of focus.
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The broker has launched a company market section of the facility called Encore.
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The property and specialty insurer reported underwriting profits of $131mn ($170mn).
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The product provides primary and excess coverage limits up to £5mn.
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Predicting underwriting conditions for the remainder of the year is ‘challenging’.
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The London carrier posted an undiscounted combined ratio of 79%, up from 74% in 2023.
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The MGA’s US clients will now have access to London market capacity.
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This year's modelled outputs have increased across all return periods.
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The CMC will categorise cyber events that have a potential financial impact of £100mn+.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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Jason Hart, head of proactive cyber, was also promoted to managing director.
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Panellists discussed the softening market, and what would flip the switch on rates.
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In its latest report, the carrier cites the top 10 cyber incidents of 2024.
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The biggest riser in this year’s Allianz Risk Barometer was climate change.
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Supply generally exceeded demand and trading relationships were ‘strong’, CEO Tom Wakefield said.
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As 2024 draws to a close, we reflect on the events of the year for the London market.
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The underwriter will report to group CUO Paul Bantick.
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The former CEO will also serve as executive managing director within Aon’s reinsurance solutions business.
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Tillett succeeds Michela Moro who is returning to Italy, according to Allianz.
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Cyber is more in the one- or two-year loss development camp, the Lloyd’s CUO said.
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Cybersecurity basics could reduce cyberattack costs by up to ~75%.
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Sources agreed that to achieve growth, the focus is shifting from the US to SMEs in Europe.
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The market grew at a rate of 32% annually from 2017 to 2022.
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Envelop Underwriting will bring all the firm’s underwriting into one framework.
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D&O and D&F are also facing increased competition, but property remains price adequate.
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Their new guide sets out the factors (re)insurers should consider when defining a major cyber event.
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CEO Adrian Cox said Beazley’s recent $290mn ILW purchase was not driven by “capital flexibility in and of itself”.
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The exit follows that of Guy Carpenter’s head of cyber centre of excellence for international, Siobhan O’Brien.
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The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
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The Hartford will assume a quota share of Coalition’s UK cyber program.
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Overall, insurance rates fell by 1%, led by competition in property.
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Areas with growing demand and complexity include natural catastrophe and cyber, it said.
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The new proposition will offer £10mn primary cover and £15mn limit for XoL.
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A canvassing of the market showed some bifurcation on the necessity of a government backstop.
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It also reported that severity increased by 17% in the same period.
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Geopolitical conflict could expose the global economy to $14.5tn in losses.
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Matt Foster joins Coalition following an eight-year tenure at Munich Re.
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The deal has reduced the carrier’s one-in-250-year cyber loss scenario from $651mn to $461mn.
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Top concerns also included medical cost inflation and employee benefit costs.
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Glyn Thoms will be stepping into a newly formed role with a focus on cyber strategy formulation and management.
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Envelop Risk Solutions will provide technical assistance and advisory services.
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Sources said that for reinsurers to meet this demand, they will need to get comfortable analysing and evaluating systemic and aggregate risk.
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Improved profitability has led some insurers to increase their own retentions.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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A whitepaper published by the two companies set out measures that could create cyber insurance capacity.
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