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The broker said less than 1% of companies globally with cyber insurance were impacted. -
The results were disclosed in parent company Fairfax’s quarterly earnings.
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The insurer said once firms give up lower attachments or aggregates they “simply do not get them back”.
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The executive also said there had been a “step change” on culture in the market.
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At group level, Axa’s underlying earnings improved by 4% to EUR4.2bn.
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Plus the latest people moves and all the top news of the week.
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Q2 2023 PYD had included reserve releases in connection with the LPT to Compre.
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This follows the insurer reporting $56.4mn of losses from intellectual property business in Q2.
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In November, the company said it aimed to reach the goals between 2024-2026.
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Securities class actions are a perennial source of claims for D&O insurers.
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Morant will be CEO, with Jardine chairman and Reith on the board, it is understood.
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4809 Broker’s client base includes reinsurers, banks, funds and PE firms.
