Lines of business

At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.

He joins the cyber specialist from Aspen where he held the role of international head of cyber since 2019.

Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.

Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.

The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.

The decline marked the sixth consecutive quarter of double-digit pricing declines.

Barrett was previously senior vice president, P&C specialties at Lockton.

Sources said the insurer will not be taking on any new business or renewals as the PV class continues to be threatened by potential losses.

The Bermudian also revealed a $29mn restructuring charge for Q3.

The R&Q share price has plummeted since the sale of the ~$1.8bn-premium fronting arm was announced 10 days ago.

Up-to-date building codes could reduce the amount insurers pay in the Caribbean by 18%, according to the risk modeller.

The carrier said the decision was the culmination of a “series of strategic portfolio adjustments”.