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OFAC says cyber insurers are among the organizations at risk of violating sanctions with ransomware payments.
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Ben Walker joins the MGA’s cyber and tech E&O underwriting team.
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Beazley underwriters Shannon Roth and Myles Miller and AIG senior underwriter Scott Romeo join its production underwriting team.
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Gallagher disclosed that it faced a cyberattack yesterday, as the sector faces up to a twin threat from cyber criminals. -
The attack follows an Inside P&C report that insurers are moving quickly to re-evaluate their ransomware underwriting criteria.
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A source told NBC News that the attack had all the hallmarks of a ransomware incident.
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Underwriting sources say they are clamping down on the use of "off-panel" breach vendors.
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The deal follows an earlier fronting agreement supported by Markel, Nephila and RenaissanceRe.
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John Loftus is based in New York and will co-lead the broker’s cyber business.
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The West Coast MGA says ransomware demands also rose by 47% between Q1 and Q2.
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The ratings agency highlighted SME cyber as a particular spot for market expansion.
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This publication reported in June that the Bermuda-based company had withdrawn from writing open market SME cyber business.
