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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers. -
The mid-market build-out comes in response to trading partners' needs for more on-the-ground-support for more complex risks and the constraints of a digital-only product.
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The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
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Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
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The brokerage reported that polled carriers, however, have pointed to ransomware activity reverting to 2019 levels to argue current pricing is unsustainable.
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Prior to his new role, which Matt Prevost began this month, the exec spent nearly 10 years as Chubb’s SVP, cyber and product line manager.
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Carriers will be taking more risk net this year – which may arrest the speed of decline in cyber pricing.
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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
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Chris Bruno was most recently a vice president in Lockton’s Midwest cyber broking practice.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
