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The cyber market is going through a needed maturation process to ensure the long-term viability of coverage offerings, the wholesale broker said. -
The increase in loss ratio was much more modest for package policies, growing by four basis points to 1%.
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At the White House cyber summit, Resilience also said it would demand best cyber hygiene practices at clients before writing cover.
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The company’s CEO met with the US president and various CEOs from Apple, Amazon, Google, Microsoft and more to discuss protecting major entities from cyberattacks.
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Respondents said that cyber underwriters were responding to the growth of ransomware attacks and poor risk management.
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The cyber MGA is using API integration to accelerate cyber insurance distribution and adoption in a time of increased ransomware attacks.
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The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
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The specialty insurer has brought in the underwriter following the departure of Kristen Dauphinais at the end of May.
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The broker said it was possible that certain personal details were accessed during the hack.
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The NFP Ventures-back SaaS platform will now offer brokers and agents cyber insurance from Cowbell Cyber via Cowbell Prime 100.
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Corvus said that the deal was a key milestone in the company’s growth.
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The carrier has restructured its cyber business with stringent underwriting conditions.
