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The partnership, which offered a $100mn line size, will no longer accept new business. -
Donavan’s arrival follows the appointment of former Aspen Insurance CEO Mario Vitale as president in September.
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The French MGA adds credit and surety, cyber, space and A&H to its remit with the deal.
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The ILS firm led the fundraising round at the data and analytics business.
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Lloyd’s has announced it will clamp down on silent cyber in the new year.
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The company will also provide consultancy and analytics services.
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“The hard market is coming!” one cyber underwriter enthused to me last week.
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With more firms becoming aware of their likely cyber exposures, the battle is on to educate insureds about the magnitude of potential losses.
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After years of cheap capacity and widening terms, complex accounts renewing in recent weeks have attracted low double-digit rate hikes.
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Only 8 percent of this loss would be insured, according to research commissioned by Lloyd’s.
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A report by digital security firm McAfee in August indicates ransomware attacks have more than doubled in 2019.
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“Ransomware is an epidemic and unless we stop it, it will continue to grow," the senior underwriter said during a conference Thursday.
