-
Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening. -
An average of 81% of property accounts renewed with no rate increase.
-
Growth concerns were top of mind at this year’s conference.
-
Insurers continue to compete on price, especially in the SME sector.
-
Cyberattack/data breach remains in the top slot.
-
According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
-
Global pricing is now 22% below the mid-2022 peak.
-
The risk also ranked as a top three concern for companies of all sizes.
-
Lockton Re has predicted major growth in the global cyber insurance market.
-
Average incident costs for SMEs were up nearly 30%.
-
The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
-
As data privacy litigation increases, insurers increasingly lean on exclusions.
-
The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
-
The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
-
Ransomware claims have made up the majority of recent large losses.
-
The company saw a 53% decrease in cyber claims after a surge in 2024.
-
It is understood that CyberCube has been considering a sale of the business.
-
Growth in the SME sector could help stabilize the market, however.
-
The company was hit with a data breach on July 16.
-
The executive joins from Coalition and brings more than 30 years of experience.
-
The program is set to begin binding this month.
-
The executive joins from At-Bay and brings more than 25 years of experience.
-
The group has hit multiple industries since March, including a raft of insurance companies.
-
The risk of cyber incidents that cause physical damage is also rising.
-
The executive formerly held roles at At-Bay, AIG and Hiscox.
-
The broker has noted that double-digit reductions are increasingly available in property.
-
The executive has been with the company for roughly one year.
-
The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.
-
The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
-
The executive said the claims industry is going to “be transformed”.
-
Casualty rates increased 4% globally but shot up 9% in the US.
-
BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
-
Demand and growth opportunities remain ample despite competitive pressures.
-
The executive previously held roles at Capgemini, The Hartford and AIG.
-
But June was the busiest month of the year on the back of recent broker churn.
-
The cyber business will continue to operate as a standalone entity.
-
Premium rose across the top 15 P&C risks in 2024.
-
Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
-
The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.
-
The outages began around 07:00 ET on Tuesday.
-
The insurer’s system has now been out of commission for over two weeks.
-
The decrease in premiums aligns with price cuts across the market.
-
It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
-
The insurer first noticed “unusual network activity” on June 7.
-
Coverage has broadened while limits have increased, the broker said.
-
The executive was formerly head of cyber solutions, North America.
-
The carrier has scaled up its international insurance offering in recent years.
-
The company first experienced system disruptions on June 7.
-
Eric Seyfried and Glen Manjos are also departing Axis’ cyber and tech unit.
-
The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.
-
The executive has experience across both insurance and banking.
-
Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
-
“Models aren't going to tell you what the emergent risks today are,” Dolan said.
-
The Nordic operations have capacity provided by Allianz Commercial.
-
The executive will begin serving as Hiscox USA’s CUO as of May 5.
-
The broker said the burgeoning class of business was still finding its stride.
-
The deal is expected to close in the second quarter.
-
The only major product line to see rate increases was casualty.
-
Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.
-
-
It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
-
The company has hired Axa XL’s Irvine to lead the new platform.
-
The company is expanding availability of its large enterprise offerings.
-
The Gallagher Re executive called on the market to “prepare to grow sustainably together”.
-
K2 Cyber is entering an increasingly crowded cyber market.
-
While significant, the fires are expected to be an earnings rather than a capital event for the industry, John Huff, CEO of the Association of Bermuda Insurers & Reinsurers, said.
-
Tactics underwriters employ to manage cyber risk are maturing, as well.
-
The investment supports Coalition’s goals for its active insurance offerings.
-
Other digital distribution platforms, including ProWriters and SportsInsurance, are also exploring a sale.
-
A quick roundup of our best journalism for the week.
-
Insureds, however, are often reinvesting savings into purchasing increased limit.
-
The MGA’s US clients will now have access to London market capacity.
-
Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
-
This year's modelled outputs have increased across all return periods.
-
CEO Tom Kang said Converge will now be able to deploy a total of $10mn in limit in certain segments.
-
The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
-
Jason Hart, head of proactive cyber, was also promoted to managing director.
-
The carrier also grew TL written premiums by 11% in Q4 and 24% for the full year.
-
The December 28 breach involved millions of sensitive individual records.
-
Sources said Dowling Hales is advising the professional lines quoting platform on the process.
-
Regilio will lead a sales team to “expand market share and forge strategic partnerships”.
-
The cyber MGA also named Sarah Thompson global head of sales strategy and Jack Jenner to managing director.
-
Challenges in claims frequency and carrier competition are likely to remain.
-
The company will now focus on growing its E&S and InsurSec offerings.
-
The biggest riser in this year’s Allianz Risk Barometer was climate change.
-
Groeber joined CFC as EVP in 2020 before becoming US CEO in 2023.
-
The move comes after Burke’s five years as EVP of cyber and technology.
-
Old Republic Cyber will focus on providing specialized cyber and technology-related coverage.
-
Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said.
-
After recording triple digit growth in 2020-2022, the US cyber market grew just 1.6% in 2023.
-
Maria Long joins the cyber insurer from Munich Re as the company's deputy CUO.
-
The former CEO will also serve as executive managing director within Aon’s reinsurance solutions business.
-
The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.
-
Cybersecurity basics could reduce cyberattack costs by up to ~75%.
-
Businesses exceeding $50mn in revenue are 2.5 times more likely to face cyber incidents, the report found.
-
The construction industry remains a top target for attackers and was the most impacted sector in Q3.
-
Mr Cooper Group said it was the target of a 2023 hacking attack.
-
The market grew at a rate of 32% annually from 2017 to 2022.
-
D&O and D&F are also facing increased competition, but property remains price adequate.
-
The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
-
The Hartford will assume a quota share of Coalition’s UK cyber program.
-
Sinclair had $50mn in coverage through five separate cyber policies.
-
The airline says the crash resulted in over $500mn in losses.
-
Coverages include missed bid reimbursement, contingent bodily and property damage, and drone use violations.
-
Underwriting remains disciplined as insurers target profitable growth.
-
Overall, insurance rates fell by 1%, led by competition in property.
-
Business email compromise was up 9%, comprising nearly one-third of claims.
-
It also reported that severity increased by 17% in the same period.
-
At the conference, industry pros identified issues in modeling systemic risks due to a lack of historical data.
-
Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
-
Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
-
In Q2, median property price increases decelerated to 2.3%.
-
Top concerns also included medical cost inflation and employee benefit costs.
-
SMEs represented 98% of cyber claims from 2019-2023 totaling $1.9bn.
-
The MGA noted a 17%-20% price decline last year and expects similar for 2024.
-
Amwins anticipates market softening will continue, absent loss ratio concerns.
-
Improved profitability has led some insurers to increase their own retentions.
-
Expansion of the middle-market book is an ongoing focus.
-
Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
-
The report predicts a 1-in-250-year cyber event could see over $100bn in losses.
-
Portfolios of clients of varying size in the same region aggregate more risk.
-
Small and medium businesses now comprise 45% of cyber market exposure.
-
Predicted market pricing corrections have yet to be seen broadly.
-
The figure represents a quarterly increase of 102%.
-
Sanchez will report to Carolina Carmona, LSM’s head of financial lines in south Florida.
-
The top four lines posted low-single digit to high-single digit policy count growth.
-
Manufacturing now accounts for 41.7% of all claims, from 15.2% previously.
-
The July downtime will increase relevance, demand and innovation for the market.
-
The CEO said he expects cyber rates to start flattening post-loss.
-
-
The broker said less than 1% of companies globally with cyber insurance were impacted.
-
Securities class actions are a perennial source of claims for D&O insurers.
-
In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
-
He will continue to act in his role as COO, global insurance operations.
-
The firm said losses could fall under $300mn if more favourable assumptions were applied.
-
The investment will be used to scale operations and extend Cowbell's presence in key international markets.
-
Axa's newly formed teams join the company's "complex cyber" unit.
-
The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
-
The market is expected to seek additional exclusions around systemic events.
-
The weighted average direct financial loss for a Fortune 500 firm was $44mn.
-
The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
-
Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
-
The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
-
For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
-
Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
-
The airlines, healthcare and financial services industries were some of the sectors affected by the outage.
-
The broker warned that D&O and P&C policies could also be impacted by the outage.
-
CrowdStrike has an estimated 15%-25% market share among large companies.
-
A quick round-up of today’s need-to-know news, including the Microsoft outage and Travelers' results.
-
The incident highlights the aggregation risk around cloud service reliance.
-
Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
-
The promotions will help TransRe strengthens its cyber focus.
-
It is understood that the shutdown will impact about 25 employees.
-
Worsening claims activity, privacy concerns and emerging threat actors have yet to reflect in pricing.
-
Gangu will likely take a gardening leave after vacating his post to consider future steps.
-
Gittler joined Axa XL in 2012 and had led the cyber underwriting team since 2021.
Most Recent
