Cyber

RPS said ransomware attacks are more sophisticated, with ransomware-as-a-service expected to become one of the biggest threats in the coming months.

The MGA will write the cyber business out of its recently opened Frankfurt office.

The intention to potentially sell Attune illustrates Coalition’s desire to refocus its story on cyber – where valuations have held best in harsh market conditions for InsurTechs.

Sources are expecting average rate increases between 20%-30% for accounts with standard controls in place and which have already seen double or triple digit rises.

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The proceeds will be used to drive business growth across broker networks and evolve product features.

Only 27% cited coverage being too expensive at renewal as their reason for changing carrier.

Sources said that rival MGAs on the platform were “concerned” following the At-Bay acquisition, which contributed to the exodus.

Cyber threats were the top overall concern for business decision-makers (59%) ahead of broad economic uncertainty (57%) and fluctuations in oil and energy costs (56%).

The capacity deal was brokered by Lockton Re.

Themes from this year’s ITC conference in Las Vegas also included the exit of less educated investors, increased appetite for venture debt and the allure of cyber.