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New supply is entering the market after a remediation phase, but waning demand for London capacity is set to create pressure on pricing. -
Increased appetite to grow in the cyber market is moderating rate momentum after a period of major hardening.
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Scott Bailey previously spent 12 years at CFC managing the technology and media division.
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Matthew Silley joins from Axis Capital, where he was cyber portfolio management lead.
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Plus all the top news and latest people moves of the week.
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Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.
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It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.
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Businesses are increasingly opting not to take up cyber insurance amid rising costs, despite the growing threat from cyberattack, according to the British Insurance Brokers’ Association (Biba).
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InsurTech Cygnvs, eight months after closing its $55mn Series A funding round, has come out of stealth mode.
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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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More quota share capacity was on offer, but reinsurers were still pushing to manage exposures through loss caps.
