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The executive will relocate from London to head the North America team of cyber brokers and actuaries. -
Growing competition for UK property business kept price increases in check during the quarter.
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Cyber risk ILS will grow slowly in the short-to-medium term, S&P Global Ratings has predicted.
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Alongside war and infrastructure failure exclusions, the wordings include sub-limits for two cyber catastrophe scenarios.
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The carrier has also hired Munich Re’s Andreas Schmitt as group cyber underwriting manager.
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The new rules will apply from 31 March 2023, with LMA wordings permitted.
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New capacity has also entered the wider market over the period, with WTW adding that more is likely to follow in Q3.
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Odyssey Group cyber chief Robert O’Connell is looking to raise up to $1bn of capital to launch a monoline cyber reinsurer, this publication can reveal.
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Plus this week’s top carrier results and need-to-know people moves.
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The carrier reported a H1 combined ratio of 74%, as it targets $1.3bn in cyber premium for the year.
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The coverage is provided in partnership with Beazley.
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The MGA has added cyber underwriting and claims professionals as well as a security expert.
