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The investment is part of a “seven-figure” seed round.
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As with K&R risks in the 1960s, it has taken time for this type of loss to become quantifiable.
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Kara Owens said investors’ understanding of cyber insurance has evolved.
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The carrier says its Cyber Ctrl PD+ policy marks a response to cyber risk retrenchment in the property market.
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Acrew Capital led the round, with Munich Re Ventures also participating.
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New York State is reviewing two bills that would ban US municipalities from making ransomware payments.
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Elizabeth Benet has a long career in specialty lines underwriting.
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The deal is expected to help the broking giant expand its cyber coverage options as hack-related claims increase.
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First-party claims account for most of the payout, with further third-party claims from the 2019 breach still to come. -
CEO Albert Benchimol says the carrier is undergoing an “extensive repositioning” across its business.
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The Corporation amends the roll-out to ease underwriter concerns but will still enforce it across all classes.
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Mike Convertino will provide solutions to brokers and carriers to maximise their cyber resilience.
