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Patrick Bousfield is understood to have resigned from his current role as senior broker at Lockton Re Bermuda. -
At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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He joins the cyber specialist from Aspen where he held the role of international head of cyber since 2019.
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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.
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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.
