Cyber

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.

Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.

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.

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.

The capacity deal is slated for deals with 10/1 effective dates and beyond.

The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.

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".

Based in New York, the executive will report to Axa XL CUO Libby Benet.

The founding members include Munich Re, Gallagher Re, and BitSight.

The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"

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.

Perils said that supporting risk transfer through index-based ILS would help to free up reinsurance capacity.