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The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March. -
Monica Tigleanu will be succeeded by Simone Hardy, who has been appointed senior underwriter, joining from The Channel Syndicate.
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The hires will support the MGA’s recently launched cyber product in partnership with Travelers.
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Prior to joining BHSI in 2020, Ben Ruddlesdin worked as an underwriter for The Hartford.
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The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.
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The market has undergone substantial multi-year hardening after a surge of painful loss activity.
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The MGA will offer a £10mn excess line, as well as access to its attack monitoring technology.
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Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
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Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
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With the new war exclusions starting to take effect from Q4 last year, the executive expects a disorderly few months before the market reaches equilibrium.
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Erica Kofie and David Warr move up in the cyber team.
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Structures have been developed that would avoid “excessive capital trapping”.
