Cyber

Carriers will address exposure to catastrophe losses, higher reinsurance costs, macroeconomic factors and inflation.

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It is understood that the company has mandated Nomura to raise the risk capital.

Fenix24 plans to use the war chest to transform the post-breach restoration process in cyber, and to secure more partnerships with brokers and carriers.

The push for pricing will continue to be strong as at 1.1, but some sources suggest that the upcoming mid-year renewals could be more orderly.

Respondents attributed this increase to inflation’s effect on property valuations and the cost of goods, as well as to the natural catastrophe losses.

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The unit will be led by GRS insurance solutions president Liz Geary, until the appointment of a global head of cyber, who will report to her.

Scott Bailey previously spent 12 years at CFC managing the technology and media division.

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Cyber rates in excess layers saw decreases of mid-single digits to low double digits in the last quarter while primary layers remained flat or experienced low rate rises.