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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.
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Growth concerns were top of mind at this year’s conference.
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Insurers continue to compete on price, especially in the SME sector.
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Cyberattack/data breach remains in the top slot.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Global pricing is now 22% below the mid-2022 peak.
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The risk also ranked as a top three concern for companies of all sizes.
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Lockton Re has predicted major growth in the global cyber insurance market.
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Average incident costs for SMEs were up nearly 30%.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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Ransomware claims have made up the majority of recent large losses.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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It is understood that CyberCube has been considering a sale of the business.
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Growth in the SME sector could help stabilize the market, however.
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The company was hit with a data breach on July 16.
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The executive joins from Coalition and brings more than 30 years of experience.
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The program is set to begin binding this month.
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The executive joins from At-Bay and brings more than 25 years of experience.
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The group has hit multiple industries since March, including a raft of insurance companies.
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The risk of cyber incidents that cause physical damage is also rising.
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The executive formerly held roles at At-Bay, AIG and Hiscox.
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The broker has noted that double-digit reductions are increasingly available in property.
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The executive has been with the company for roughly one year.
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The insurers sent denial letters to the tech company as lawsuits and damages pile up well into the multi-millions.
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The NFP acquisition was a “tailwind for organic growth, not a key driver”, said CFO Edmund Reese.
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The executive said the claims industry is going to “be transformed”.
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Casualty rates increased 4% globally but shot up 9% in the US.
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BI claims are notoriously difficult to manage and some insurers believe binary coverage can help.
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Demand and growth opportunities remain ample despite competitive pressures.
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The executive previously held roles at Capgemini, The Hartford and AIG.
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But June was the busiest month of the year on the back of recent broker churn.
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The cyber business will continue to operate as a standalone entity.
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Premium rose across the top 15 P&C risks in 2024.
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Property rates are coming under further pressure, while liability is being buoyed by ongoing challenging loss trends.
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The partnership is being formed via Liberty Mutual’s Ironshore subsidiary.
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The outages began around 07:00 ET on Tuesday.
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The insurer’s system has now been out of commission for over two weeks.
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The decrease in premiums aligns with price cuts across the market.
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It didn’t have a major impact on insurers’ finances – instead, it served as a wake-up call.
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The insurer first noticed “unusual network activity” on June 7.
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Coverage has broadened while limits have increased, the broker said.
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The executive was formerly head of cyber solutions, North America.
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The carrier has scaled up its international insurance offering in recent years.
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The company first experienced system disruptions on June 7.
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Eric Seyfried and Glen Manjos are also departing Axis’ cyber and tech unit.
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The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.
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The executive has experience across both insurance and banking.
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Strong underwriting performance and aggressive repricing of risks in most lines has aided stability.
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“Models aren't going to tell you what the emergent risks today are,” Dolan said.
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The Nordic operations have capacity provided by Allianz Commercial.
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The executive will begin serving as Hiscox USA’s CUO as of May 5.
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The broker said the burgeoning class of business was still finding its stride.
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The deal is expected to close in the second quarter.
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The only major product line to see rate increases was casualty.
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Alongside Chatterjee, SVP Dharma-Wardana has also exited the team.
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It is understood that Marsh brokered the tower, which is exposed to claims from a 2024 breach.
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The company has hired Axa XL’s Irvine to lead the new platform.
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The company is expanding availability of its large enterprise offerings.
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The Gallagher Re executive called on the market to “prepare to grow sustainably together”.
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K2 Cyber is entering an increasingly crowded cyber market.
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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.
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Tactics underwriters employ to manage cyber risk are maturing, as well.
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The investment supports Coalition’s goals for its active insurance offerings.
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Other digital distribution platforms, including ProWriters and SportsInsurance, are also exploring a sale.
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A quick roundup of our best journalism for the week.
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Insureds, however, are often reinvesting savings into purchasing increased limit.
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The MGA’s US clients will now have access to London market capacity.
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Cyber premiums dropped 1.8%, while commercial auto was up 8.9%.
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This year's modelled outputs have increased across all return periods.
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CEO Tom Kang said Converge will now be able to deploy a total of $10mn in limit in certain segments.
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The carrier’s US platform will continue to be led by long-time executive Sal Pollaro.
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Jason Hart, head of proactive cyber, was also promoted to managing director.
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The carrier also grew TL written premiums by 11% in Q4 and 24% for the full year.
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The December 28 breach involved millions of sensitive individual records.
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Sources said Dowling Hales is advising the professional lines quoting platform on the process.
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Regilio will lead a sales team to “expand market share and forge strategic partnerships”.
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The cyber MGA also named Sarah Thompson global head of sales strategy and Jack Jenner to managing director.
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Challenges in claims frequency and carrier competition are likely to remain.
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The company will now focus on growing its E&S and InsurSec offerings.
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The biggest riser in this year’s Allianz Risk Barometer was climate change.
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Groeber joined CFC as EVP in 2020 before becoming US CEO in 2023.
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The move comes after Burke’s five years as EVP of cyber and technology.
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Old Republic Cyber will focus on providing specialized cyber and technology-related coverage.
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Supply generally exceeded demand and trading relationships were strong, CEO Tom Wakefield said.
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After recording triple digit growth in 2020-2022, the US cyber market grew just 1.6% in 2023.
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Maria Long joins the cyber insurer from Munich Re as the company's deputy CUO.
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The former CEO will also serve as executive managing director within Aon’s reinsurance solutions business.
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The firm laid off senior leaders this month, weeks after it began pursuing a sale, this publication can reveal.
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Cybersecurity basics could reduce cyberattack costs by up to ~75%.
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Businesses exceeding $50mn in revenue are 2.5 times more likely to face cyber incidents, the report found.
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The construction industry remains a top target for attackers and was the most impacted sector in Q3.
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Mr Cooper Group said it was the target of a 2023 hacking attack.
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The market grew at a rate of 32% annually from 2017 to 2022.
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D&O and D&F are also facing increased competition, but property remains price adequate.
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The cyber solution is backed by Mosaic, Chubb and Liberty Specialty Markets.
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The Hartford will assume a quota share of Coalition’s UK cyber program.
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Sinclair had $50mn in coverage through five separate cyber policies.
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The airline says the crash resulted in over $500mn in losses.
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Coverages include missed bid reimbursement, contingent bodily and property damage, and drone use violations.
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Underwriting remains disciplined as insurers target profitable growth.
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Overall, insurance rates fell by 1%, led by competition in property.
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Business email compromise was up 9%, comprising nearly one-third of claims.
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It also reported that severity increased by 17% in the same period.
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At the conference, industry pros identified issues in modeling systemic risks due to a lack of historical data.
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Elixir has an initial focus on cyber but will look to expand into other lines, including E&O and D&O.
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Attendees concurred that they don’t expect the “Golden Age of E&S” to end anytime soon.
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In Q2, median property price increases decelerated to 2.3%.
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Top concerns also included medical cost inflation and employee benefit costs.
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SMEs represented 98% of cyber claims from 2019-2023 totaling $1.9bn.
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The MGA noted a 17%-20% price decline last year and expects similar for 2024.
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Amwins anticipates market softening will continue, absent loss ratio concerns.
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Improved profitability has led some insurers to increase their own retentions.
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Expansion of the middle-market book is an ongoing focus.
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Coalition Re to offer active cyber reinsurance via two products supported by Aspen-led capacity.
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The report predicts a 1-in-250-year cyber event could see over $100bn in losses.
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Portfolios of clients of varying size in the same region aggregate more risk.
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Small and medium businesses now comprise 45% of cyber market exposure.
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Predicted market pricing corrections have yet to be seen broadly.
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The figure represents a quarterly increase of 102%.
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Sanchez will report to Carolina Carmona, LSM’s head of financial lines in south Florida.
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The top four lines posted low-single digit to high-single digit policy count growth.
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Manufacturing now accounts for 41.7% of all claims, from 15.2% previously.
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The July downtime will increase relevance, demand and innovation for the market.
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The CEO said he expects cyber rates to start flattening post-loss.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
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He will continue to act in his role as COO, global insurance operations.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The investment will be used to scale operations and extend Cowbell's presence in key international markets.
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Axa's newly formed teams join the company's "complex cyber" unit.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
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The market is expected to seek additional exclusions around systemic events.
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The weighted average direct financial loss for a Fortune 500 firm was $44mn.
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The carrier’s cyber hours clauses and sub-limits will limit exposure, according to the analyst.
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Market sources suggest that this will be a manageable loss, although at this early stage there are multiple uncertainties.
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The current guidance is that Beazley will publish an undiscounted CoR in the low-80s at full year.
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For many, it could be a “wake-up call” to the systematic exposures inherent in cyber.
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Insured losses in the single-digit billions would not translate into a material impact for (re)insurers.
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The airlines, healthcare and financial services industries were some of the sectors affected by the outage.
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The broker warned that D&O and P&C policies could also be impacted by the outage.
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CrowdStrike has an estimated 15%-25% market share among large companies.
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A quick round-up of today’s need-to-know news, including the Microsoft outage and Travelers' results.
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The incident highlights the aggregation risk around cloud service reliance.
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Average rate increases went to 5.6% in June 2024 from 28.2% in June 2023 .
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The promotions will help TransRe strengthens its cyber focus.
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It is understood that the shutdown will impact about 25 employees.
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Worsening claims activity, privacy concerns and emerging threat actors have yet to reflect in pricing.
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Gangu will likely take a gardening leave after vacating his post to consider future steps.
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Gittler joined Axa XL in 2012 and had led the cyber underwriting team since 2021.
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The capacity increase follows the debut of new cyber risk management capabilities.
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Improved cyber hygiene and strong insurer competition has driven rate reductions.
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Launched in 2021, Axis is both an investor and capacity provider.
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It said improvements in cyber hygiene, underwriting and policy language were contributing factors.
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From a buyer and underwriter perspective, managing top risks needs fresh approaches.
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Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.
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The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.
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He joins the Munich Re company after almost four years at Cowbell.
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Vantage will underwrite up to $10mn in capacity through its US subsidiaries.
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Loss picks for other liability are at a 23-year high, but that still may not be enough.
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The firm’s underwriting performance is hard to piece together from the limited available data.
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The cyber underwriter also raised the annual revenue to $5bn for companies it will offer coverage to.
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Regulatory compliance risks were listed as the third-greatest concern.
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The Incyde Risk facility will provide up to $25mn in capacity on a primary and first-excess basis.
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Beazley has tapped Melissa Carmichael as head of US cyber, effective immediately.
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Some see flat renewals this year, while others report deployment of larger lines.
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Global attacks hit a record high in 2023 and show no sign of slowing in 2024.
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Executives are seeing 5%-15% rate declines on intense competition but in excess layers pricing is down as much as 40%.
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Despite a smaller number of claims, ransomware payments hit all-time highs last year.
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The hire comes after the company’s recent rebrand from Capitola Insurance.
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Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
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The broker used a consensus-based hypothetical cat event type to analyse its global impact.
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The executive has been with Zurich since 2018.
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The cyber market faces significant claim notifications from Change Healthcare clients.
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Cyber Quoting will connect global cyber insurers and US distributors.
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The average rate increase in the cyber market stands at 1.6%.
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TMHCC said the appointments underline its "commitment to innovation, market expansion and customer service".
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CyberCube expects ransomware attack to impact both large and SME accounts.
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Participating members can purchase up to $10mn in (re)insurance.
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The project is not immediately moving forward due to lack of client demand.
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The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
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Many carriers’ views on cyber are mixed, the agency said.
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The MGA will be offering $10mn limits for $300mn-$10bn companies.
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Dejung spent 13 years at Scor, most recently as cyber CUO.
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He was most recently cyber product leader at Zurich NA.
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It’s unsurprising, following the Corvus-Travelers transaction.
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In September 2023, Cowbell made the same number of staff cuts.
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The Coalition Cyber Threat Index predicts a jump in exploit-based cybercrime this year.
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The MGA will target small and mid-market firms and will also offer tech E&O products.
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Shannan Fort was a partner in McGill’s FI and cyber team.
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Laxner has prior experience at Ambridge, Converge, Axis, Markel and Chubb.
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She has over 15 years’ experience managing PL and cyber portfolios.
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Corvus reported a 34% rise in the number of active ransomware gangs.
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Expanded underwriting capacity comes after a year of strong growth.
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Partnerships can address growing cyber threats such as DDoS attacks and ransomware, as well as AI.
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It is understood that the cyber InsurTech has ~$100mn of excess delegated authority capacity and around 20 backers.
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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.
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The two insurers have achieved AWS cyber insurance competency and will become part of a new Amazon effort to provide quotes for cyber coverage within two days.
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Resilience CEO and co-founder Vishaal Hariprasad said cyber rates are expected to even out, and possibly creep back up, in the near term.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Clearer wordings for cyber cat risk would also help foster the development of the more capital-efficient event XoL reinsurance market in cyber, Kessler said.
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The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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The new financing builds on the $148mn raised to date and follows recent belt-tightening measures that included layoffs.
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At a point when cyber rates are falling and capacity is plentiful in high excess layers, the mutual plans have the wider cyber market somewhat perplexed.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The executive said that NA financial lines rates and pricing in aggregate were down 4.8% and 3.8%, respectively, in Q3 as Chubb is trending financial lines loss costs at 4.7%.
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The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.
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Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.
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Parent Cowbell Cyber launched the E&S carrier a little over a year ago as part of Cowbell’s transition from an MGA to a full-stack insurance carrier.
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The International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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Pera is launching as a division of Desq — USQRisk’s managing general agent accelerator/incubator — and is the first program Desq has brought to market.
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A number of players suggested that the cost components of first-party claims were up between 30%-50% on that seen during Ransomware Wave One.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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The survey found that a majority of Canadian businesses consider cyber threats their top concern and also believe they will eventually fall victim to a cyberattack.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
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Despite “strong” policy growth and a successful culling of discretionary expenses, "more substantial” action was needed to reduce costs at the cyber InsurTech, its CEO said.
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Head of underwriting Matthew Waller welcomed an FCA letter that called for policy wordings that are clear and that customers understand the coverage they are buying.
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Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.
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Inside P&C’s news team brings you all the top news from the week.
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Coalition also announced the formation of a dedicated $300mn reinsurer, Ferian Re, in partnership with BDT Capital Partners.
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The carrier has also added 40 new classes of business to its miscellaneous professional liability product and raised the eligible revenue limit for businesses to $50mn.
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She will oversee the strategic direction and execution of all At-Bay’s underwriting, partnerships and field operations
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
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At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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The average loss for the six-month period was $365,000, which represents a 117% increase year on year and a 61% increase from H2 2022.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.
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Based in New York, the executive will report to Axa XL CUO Libby Benet.
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The founding members include Munich Re, Gallagher Re, and BitSight.
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Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.
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In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.
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Some carriers have already hit GWP targets for this year and are refraining from writing any new cat risks unless it fits a very favorable profile, the firm said.
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In contrast, cyber pricing continued slowing down as Q2 rates increased 3.6%, compared with 8.4% in Q1 and 15% in Q4 as the space was hit by increased competition.
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With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.
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The policies are issued by At-Bay Specialty Insurance Company, the Delaware-based E&S insurer the InsurTech acquired from XL America in January.
-
Inside P&C’s news team runs you through the key highlights of the week.
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Sources expect to have a clearer picture of the impact of higher ransomware and lower rates by Q4 or early next year as pricing decreases 5%-15%.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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As part of the financing round, which closed last week, Tom Kang was elevated to Converge’s CEO from his prior role as the MGA’s chief insurance officer.
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The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.
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The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
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CyberCube found 2,890 vulnerable MoveIt managed file transfer (MFT) deployments mapped to companies in 75 countries at the end of June.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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CEO Adam Kembrooke said some markets would struggle to maintain the results they’ve posted historically, after the point of pricing equilibrium in the cyber class.
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A recent report from Howden shows ransomware activity is up 48% year-on-year.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Stephens hired Green from brokerage McGriff, Seibels & Williams, where he focused on cyber, energy and marine.
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Cyber GWP could exceed $50bn by 2030, the broker predicts.
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The broker used three major cyber models to analyse the drivers of model variability, with revenue coming top as the most prominent driver of loss variability.
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Based in New York, the executive will report to Lockton cyber and tech practice leader Michelle Faylo.
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The executive joins from Crum and Forster, with 20 years’ cyber experience.
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The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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Boeck will be IMA’s primary contact for cyber insurers concerning the development and distribution of cyber and related policies.
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He was previously North America Cyber Growth leader and before that Midwest Regional Leader - FINEX Cyber/E&O.
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New language has been introduced by some insurers to limit exposures to cyber risks.
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Uncertainty around war exclusions and systemic risks and the potential impact of the spike in ransomware on the profitability of the class were discussed at the event.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
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Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".
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The company is raising a sidecar through JP Morgan for additional capacity from outside investors.
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Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.
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The executive will oversee the development of cyber and tech products reporting to Hiscox US SVP head of specialty risks Doug Karpp.
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Blount is taking over from Rob Rosenzweig, cyber practice leader, who recently assumed a leadership role at Risk Strategies
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Strong rhetoric from Munich Re means the US market will sooner or later have to take a position on cyber war wordings.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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In addition, the mutual promoted Jelmer Andela to head of cyber underwriting within its London-based subsidiary Liberty Specialty Markets (LSM).
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A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The average increase in commercial property premiums was 20.4% during the quarter due to inflation, natural catastrophes and persisting supply chain issues.
-
Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21.
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The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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He will be charged with driving CFC’s cyber underwriting strategy and broker development in the US with a specific focus on the company’s admitted cyber product.
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The Boston-based cyber MGA also reported premium growth of 80% last year compared with 2021.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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The underwriter will be based in southern California and lead global strategy in cyber for the insurer.
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He will also join the board of At-Bay Specialty Insurance Company.
-
The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.
-
AM Best is confident in At-Bay's 5-year business outlook, partly due to the rapid growth seen in the cyber insurance market.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
-
Inside P&C’s news team runs you through the key highlights of the week.
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WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.
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Gangu was previously president of the insurance and services division and COO at SiriusPoint.
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The new product is being developed to meet client demand for the coverage as the Lloyd’s market prepares to exclude cyber war as a peril from 31 March.
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The US continues to experience catastrophic flash flooding and heavy rainfall events that are impacting “inland” areas across the country, as well as coastal areas.
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Based in Boston, Wilson will report to Newfront’s head of executive risk, Deirdre Finn.
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Carriers will address exposure to catastrophe losses, higher reinsurance costs, macroeconomic factors and inflation.
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