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With this deal, Corvus said it becomes the first cyber InsurTech to acquire a London underwriting platform. -
Negotiations were dragged out by decisions being referred for sign-off at senior levels.
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It is understood that Ascent is currently in negotiations with a number of new potential lead markets.
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The change in plan comes as Lloyd’s restricts cyber growth.
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CyberCube also forecast that fresh capital will start to flow into the cyber insurance market next year.
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The UK National Cyber Security Centre has described the flaw as potentially “the most severe computer vulnerability in years”.
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The regulator said increased home-working and digitalisation had heightened levels of cyber risk.
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Claims data points to a lower average cost of claim per claimant for a systemic event compared with attritional or non-systemic claims, according to head of cyber James Burns.
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The carrier has hired Richard Taylor from Munich Re Syndicate to lead its entry into the class.
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Autonomous shipping and complex supply chains make the maritime industry vulnerable to cyber disruption.
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Arklie follows in the footsteps of Patrick Tiernan, who recently swapped Aviva for Lloyd’s.
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Ryan Specialty Group MGU EmergIn Risk renews cyber binder with RenaissanceRe and names a cyber expert to lead its London team.
