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The lawsuit over $74mn in losses from a 2013 data breach is closely-watched by the cyber insurance market. -
Sarah Stephens will be based in London and be responsible for cyber insurance across the international division.
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The fundraising brings its total backing to around $45.8mn, according to Crunchbase.
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The reinsurance partnership would support the expansion of Beazley’s fast-growing affirmative cyber book.
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The formation of a climate change policy group and model cyber clauses are on the trade association’s agenda.
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The cyber specialist joins the MGA’s California office as head of underwriting.
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The move into the two classes follows the insurer's launch of a US financial lines division.
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Natural catastrophe, financial and geopolitical events still pose the biggest global threat.
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The MGA will initially write mid-market cyber and professional liability business.
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The product features fixed payment for a terrorism event within the insured’s post code, irrespective of physical damage.
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The PRA estimates that large firms could face one-off costs of up to £1.9mn to improve their resilience.
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Adam Lantrip, Sam Levine and Laura Burke have joined the new division.
