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The president and CEO urges wordings precision to avoid cyber-related litigation.
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While brokers surveyed estimated rate rises of 5% to 10% over the last 12 months, underwriters’ estimates ranged from flat to up 30%. -
The MGA’s underwriting firepower rises by 15%.
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The underwriting association aims to tackle outstanding reinsurance lines ahead of the Lloyd’s schedule and in time for the key renewals season.
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Lauren Folkard was Barbican’s cyber class underwriter for just over two years and will be based in London.
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The payment of ransomware demands is typically covered under a cyber insurance policy.
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The cover is targeted at US middle market buyers of cyber liability and technology errors and omissions insurance.
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The wider London market is expected to largely escape losses on the $400mn programme.
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Argo Group has exited the SME cyber market, leading to the departure of senior underwriter and group head of cyber Paul Miskovich from the carrier.
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The parent company says it’s unclear whether data has been compromised or lost.
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Curtailed insurance spend and a more cautious tone from underwriters will put bullish cyber growth targets out of reach.
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Sources say the carrier’s group head of cyber Paul Miskovich has left his post.
