Cyber

Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.

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.

Erica Kofie and David Warr move up in the cyber team.

Structures have been developed that would avoid “excessive capital trapping”.

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.

Scott Bailey previously spent 12 years at CFC managing the technology and media division.

Matthew Silley joins from Axis Capital, where he was cyber portfolio management lead.

Plus all the top news and latest people moves of the week.

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.

It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.

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).