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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. -
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.
