Cyber

CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.

A canvassing of the cyber market suggests the impact will be negligible.

The range allows “for information that could emerge beyond what is known today”.

The appointments are aimed at offering a clearer team structure.

Property insurance rates declined by 9%, the same as in the prior quarter.

WTW’s Jessica Klipphahn will take over as head of North America mid-market.

Property pricing fell by 8%, while casualty rate increases tapered to 3%.

AWS suffered a large-scale service disruption originating in northern Virginia.

Christopher Reynolds and AJ Jones have been hired as business development directors.

Property, cyber and workers’ comp rates were all down mid-single digits, offsetting casualty hardening.

An average of 81% of property accounts renewed flat or down.

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.

Maria Long joined the company as deputy CUO in December.

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.

Riegler will focus on accelerating E&S growth.

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.

The capacity increase follows the debut of new cyber risk management capabilities.

Improved cyber hygiene and strong insurer competition has driven rate reductions.

Launched in 2021, Axis is both an investor and capacity provider.

It said improvements in cyber hygiene, underwriting and policy language were contributing factors.

From a buyer and underwriter perspective, managing top risks needs fresh approaches.

Kinsale CEO Mike Kehoe said social inflation is unabating, but losses fuel the industry.

The multiline MGA was co-founded by Lea's fellow Vantage alum Farhan Shah.

He joins the Munich Re company after almost four years at Cowbell.

Vantage will underwrite up to $10mn in capacity through its US subsidiaries.

Loss picks for other liability are at a 23-year high, but that still may not be enough.

The firm’s underwriting performance is hard to piece together from the limited available data.

The cyber underwriter also raised the annual revenue to $5bn for companies it will offer coverage to.

Regulatory compliance risks were listed as the third-greatest concern.

The Incyde Risk facility will provide up to $25mn in capacity on a primary and first-excess basis.

Beazley has tapped Melissa Carmichael as head of US cyber, effective immediately.

Some see flat renewals this year, while others report deployment of larger lines.

Global attacks hit a record high in 2023 and show no sign of slowing in 2024.

Executives are seeing 5%-15% rate declines on intense competition but in excess layers pricing is down as much as 40%.

Despite a smaller number of claims, ransomware payments hit all-time highs last year.

The hire comes after the company’s recent rebrand from Capitola Insurance.

Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.

The broker used a consensus-based hypothetical cat event type to analyse its global impact.

The executive has been with Zurich since 2018.

The cyber market faces significant claim notifications from Change Healthcare clients.

Cyber Quoting will connect global cyber insurers and US distributors.

The average rate increase in the cyber market stands at 1.6%.

TMHCC said the appointments underline its "commitment to innovation, market expansion and customer service".

CyberCube expects ransomware attack to impact both large and SME accounts.

Participating members can purchase up to $10mn in (re)insurance.

The project is not immediately moving forward due to lack of client demand.

The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.

Many carriers’ views on cyber are mixed, the agency said.

The MGA will be offering $10mn limits for $300mn-$10bn companies.

Dejung spent 13 years at Scor, most recently as cyber CUO.

He was most recently cyber product leader at Zurich NA.

It’s unsurprising, following the Corvus-Travelers transaction.

In September 2023, Cowbell made the same number of staff cuts.

The Coalition Cyber Threat Index predicts a jump in exploit-based cybercrime this year.

The MGA will target small and mid-market firms and will also offer tech E&O products.

Shannan Fort was a partner in McGill’s FI and cyber team.

Laxner has prior experience at Ambridge, Converge, Axis, Markel and Chubb.

The executive joined the company in 2016.

She has over 15 years’ experience managing PL and cyber portfolios.

Corvus reported a 34% rise in the number of active ransomware gangs.

Expanded underwriting capacity comes after a year of strong growth.

Partnerships can address growing cyber threats such as DDoS attacks and ransomware, as well as AI.

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.

The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.

Political violence rose up the agenda, with conflict raging globally, and key elections due this year.

The brokerage reported that polled carriers, however, have pointed to ransomware activity reverting to 2019 levels to argue current pricing is unsustainable.

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.

Carriers will be taking more risk net this year – which may arrest the speed of decline in cyber pricing.

The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.

Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.

Chris Bruno was most recently a vice president in Lockton’s Midwest cyber broking practice.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.

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.

Resilience CEO and co-founder Vishaal Hariprasad said cyber rates are expected to even out, and possibly creep back up, in the near term.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

The challenging funding environment has left InsurTechs with limited options for capital raising and liquidity.

The Bermudian also revealed a $29mn restructuring charge for Q3.

The new financing builds on the $148mn raised to date and follows recent belt-tightening measures that included layoffs.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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%.

The report said that, to date, ransomware victim numbers for 2023 have already surpassed those for the entirety of either 2021 or 2022.

Current cyber brokerage leader for the US and Canada, Meredith Schnur, will succeed Reagan as cyber practice leader, US and Canada.

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.

The International Underwriting Association has urged cyber insurers, brokers and clients to focus on risk management to help better respond to claims.

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.

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.

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.

The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.

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.

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.

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.

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.

Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.

Inside P&C’s news team brings you all the top news from the week.

Coalition also announced the formation of a dedicated $300mn reinsurer, Ferian Re, in partnership with BDT Capital Partners.

She will oversee the strategic direction and execution of all At-Bay’s underwriting, partnerships and field operations

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.

A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

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.

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.

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.

The capacity deal is slated for deals with 10/1 effective dates and beyond.

A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.

Based in New York, the executive will report to Axa XL CUO Libby Benet.

The founding members include Munich Re, Gallagher Re, and BitSight.

Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.

In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.

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.

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.

With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.

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.

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%.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

The US and Europe have shown concerns over Lloyd’s of London war exclusion wording, the report shows.

The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.

CyberCube found 2,890 vulnerable MoveIt managed file transfer (MFT) deployments mapped to companies in 75 countries at the end of June.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

A recent report from Howden shows ransomware activity is up 48% year-on-year.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Stephens hired Green from brokerage McGriff, Seibels & Williams, where he focused on cyber, energy and marine.

Cyber GWP could exceed $50bn by 2030, the broker predicts.

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.

Based in New York, the executive will report to Lockton cyber and tech practice leader Michelle Faylo.

The executive joins from Crum and Forster, with 20 years’ cyber experience.

The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.

The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.

Boeck will be IMA’s primary contact for cyber insurers concerning the development and distribution of cyber and related policies.

He was previously North America Cyber Growth leader and before that Midwest Regional Leader - FINEX Cyber/E&O.

New language has been introduced by some insurers to limit exposures to cyber risks.

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.

Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.

Capital markets are "likely to become a key ingredient of a healthier and sustainable (re)insurance market".

The company is raising a sidecar through JP Morgan for additional capacity from outside investors.

Need to Know

Based in Stamford, Connecticut, the executive will oversee the carrier’s cyber fac and treaty operations reporting to NA CEO Brian Quinn.

The executive will oversee the development of cyber and tech products reporting to Hiscox US SVP head of specialty risks Doug Karpp.

Blount is taking over from Rob Rosenzweig, cyber practice leader, who recently assumed a leadership role at Risk Strategies

Strong rhetoric from Munich Re means the US market will sooner or later have to take a position on cyber war wordings.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

In addition, the mutual promoted Jelmer Andela to head of cyber underwriting within its London-based subsidiary Liberty Specialty Markets (LSM).

A memo from the reinsurer raises concerns for cyber insurers over whether they could face a coverage gap after renewals.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

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.

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.

The Boston-based cyber MGA also reported premium growth of 80% last year compared with 2021.

The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.

Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.

The underwriter will be based in southern California and lead global strategy in cyber for the insurer.

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.

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.

WTW’s survey cites regulatory risk, health and safety precautions and bribery and corruption on the list of top D&O risks.

Gangu was previously president of the insurance and services division and COO at SiriusPoint.

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.

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.

Based in Boston, Wilson will report to Newfront’s head of executive risk, Deirdre Finn.

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

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Backed by Coalition’s platform, CIC will begin quoting its admitted cyber products in some states starting March, with a national roll-out expected throughout 2023.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

It is understood that most of the cuts affected employees in the sales and marketing division.

In tandem, Gregg Davis and Rob Glanville will join the cyber InsurTech as independent directors.

InsurTech Cygnvs, eight months after closing its $55mn Series A funding round, has come out of stealth mode.

As insurers grow more comfortable with retaining attritional cyber risk they are altering reinsurance placements.

The energy crisis came in as a top-four concern, with 44% of respondents expressing worries over fuel costs, supply disruptions, inflation and the effects of Russia’s invasion of Ukraine.

The syndicate will access first excess – and eventually primary – business for US large corporates which typically does not make it to Lloyd’s, the CEO said.

Inside P&C’s news team runs you through the key highlights of the week.

It is understood the rationale around Coalition’s desire to sell Attune involved refocusing its story on cyber, where valuations have held up.

The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.

Joining from Stroz Friedberg, an Aon company, the executive will be focused on business development, strategy and execution at the organization.

Based in New York, the executive will oversee the newly created Alliant Cyber, one of the retailer’s 14 industry verticals.

Inside P&C’s news team runs you through the key highlights of the week.

The executives will report to AGCS regional head of cyber, tech & media, Tresa Stephens.

While Canopius has been in the US for 10 years, the insurer has been building “a multi-platform approach” in which underwriters can write business on several different types of paper.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The business line’s premium increases this year were less pronounced than in 2021, when quarterly renewals were in the 50%-200% range.

The operation will be led by global product VP Mitesh Chauhan, who joined the cyber risk modeling firm from Entrust.

The cyber MGA promoted Dan Law to chief commercial officer, Theresa Le to chief claims officer and Neeraj Juneja to chief risk offer and finance SVP.

Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

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.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

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.

Cowbell Specialty will augment the InsurTech’s existing panel of 15 reinsurance partners, without replacing any of the current programs.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The InsurTech said small businesses remain highly targeted, and having a remote workforce makes clients more vulnerable to cyberattack.

Cyber continued to register the largest increase in the period, while D&O saw a small price drop compared to a moderate increase in the previous quarter.

In the newly created position, Rudow will report to Everest North America reinsurance head Jill Beggs.

The executive pointed at cyber and excess and surplus carrier Lexington as businesses that AIG was seeing rapid growth. 

The appointment marks an expansion of the agency’s financial lines portfolio, which already includes D&O, E&O, EPL, fiduciary, fidelity, and related lines.

The program provides up to $15mn in capacity per account and is underwritten by Ryan Specialty-owned MGU EmergIn Risk.

Sean Park is joining the board of directors, while Matthew Jones is the company's new chief strategy officer.

Claims rates also increased, with standalone policies seeing a greater increase than package policies.

The executive will also serve as senior underwriter of professional liability.

The company expanded its cyber team in LA with senior underwriter Marisa Vero and in Minnesota with underwriter Hanna Baker.

Tadikonda will join the Corvus board of directors and will report directly to the board.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Odyssey Group cyber chief Robert O’Connell is looking to raise up to $1bn of capital to launch a monoline cyber reinsurer, this publication can reveal. 

The broker sees rising costs pushing more careful underwriting and rate rises across multiple business lines for the rest of 2022.

Beazley and Chubb are working on different approaches as the market tries to get its arms around the aggregation risk.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Vern Suckerman has been named head of US complex accounts while Rachel Rossini has been appointed product manager for cyber and technology E&O.

The firm has been actively building out its team with industry expertise in 2022.

The cyber InsurTech sits at the top of the pyramid with a $5bn valuation, but it plays in a risky sphere.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team runs you through the key highlights of the week.

The round closed in June with participation from Allianz X, Valor Equity Partners, Kinetic Partners, and other existing investors.

The cyber MGA InsurTech today announced the expansion of its relationship with Palomar through a multi-year program deal with the carrier’s E&S operation.

The deal enables its retail brokers to offer cyber liability coverage for small and medium-sized businesses with fewer security tools in place.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.

Inside P&C’s news team runs you through the key developments from the past week.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The capital raise included additional support from existing investors at MTech Capital and individuals from Stone Point Capital.

Around 16% of the wholesaler’s accounts absorbed rate rises above 20% in March and the other 31% saw rate increases between 10% and 19%.

Key focuses at the event included staff shortages, a slowdown in cyber attacks and the expectation of cooling market conditions.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The global damage related to cyber crime will reach $10tn by 2025, according to current estimates.

A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.

Surefire Cyber will support insurers and insureds in their responses to cyber incidents, such as ransomware attacks.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Rate increases in the hard-market cyber class came in at 27.5%, down from 34.3% in the previous quarter.

According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.