Cyber
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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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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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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.