Guy Carpenter

Guy Carpenter pegs CrowdStrike outage industry loss bill at $300mn-$1bn

The global CrowdStrike outage is estimated to have caused “sizeable but manageable” industry losses of between $300mn and $1bn, according to Guy Carpenter, with the reinsurance broker calling for greater focus on understanding mid-sized cyber cat events.

BEC a “sleeper threat” for cyber (re)insurance market

Business email compromise claims can lead to potentially devastating consequences despite being viewed by the cyber insurance market as a more attritional and frequency-driven threat, Guy Carpenter has warned in a new report.

Shift to event-based cover makes Microsoft losses hard to model: Guy Carpenter

The shift to event-based cyber insurance products at 1.1 means recoveries for losses caused by last week’s global IT outage will differ between policies depending on underlying wording around malicious cyber incidents, Guy Carpenter has said.

Guy Carpenter: BEC a “sleeper threat” for cyber (re)insurance market

Brokers: “Strong” cyber reinsurance supply leads to improved terms for buyers

Reinsurance brokers have reported that strong cyber reinsurance capacity at the mid-year renewals allowed buyers to improve terms across all structures, with ceding commissions increasing between 1 and 2.5 percentage points for proportional cover.

Guy Carp’s McCabe: Preparation needed now to bend risk curve for cyber cat events

During a House of Representatives homeland security subcommittee hearing, Guy Carpenter’s Matt McCabe highlighted a potential $900bn cyber protection gap which he said could be addressed by the establishment of a federal framework that could “bend the risk curve for catastrophic cyber events”.

GC’s Chahid: “Watch this space” for government cyber ri intervention

Common exclusions in the cyber insurance market such as critical national infrastructure may provide a foundation for government-backed cyber reinsurance schemes, although the details of how such mechanisms would operate remain undecided, according to Guy Carpenter’s Souki Chahid.

GC’s Davis: Profitability, maturity of cyber segment attracting more reinsurance capacity

Guy Carpenter’s Erica Davis has said that strong growth in the cyber market, along with better risk controls, shrewd limit deployment and increased confidence in attritional loss picks has attracted increased capacity to the cyber segment.

Guy Carpenter: Revenue is key driver of cyber model divergence

Annual revenue has emerged as the most significant driver of cyber model divergence at the tail, a new report by Guy Carpenter has found.

Panel: Cyber reinsurers more bullish because of market’s scale and maturity

Themes at the 1.1 cyber reinsurance renewals included abundant capacity for cedants, loss ratio caps increasing in some cases, alternative capital adding to pricing pressure and rising but manageable frequency, according to speakers on a NetDiligence panel.

Guy Carp completes first transaction on cyber ri CatStop+ product

Guy Carpenter has completed the first transaction using its newly launched CatStop+ cyber reinsurance product.

GC’s Davis: Stepped-up cyber attacks keep industry on its toes

An influx of ransomware attacks and an increase in privacy claims driven by data breaches have prompted the industry to reassess cyber risk controls as it looks to safeguard $14bn of global GWP, Guy Carpenter’s cyber practice co-lead Erica Davis has told The Insurer TV.

Deep market insights empower cyber strategy

Erica Davis and Jess Fung on empowering cyber underwriters to make informed decisions.

Deep market insights empower cyber strategy

Erica Davis and Jess Fung on empowering cyber underwriters to make informed decisions.

Cyber: The defining risk of our time

Executives from around the cyber market agree that it is “the defining risk of our time”. While the market has recently seen more meaningful capital entry, and rates appear to be holding for the time being, the industry has not yet been able to fully comprehend a ‘Black Swan’ event – increasingly defined as a cyber attack having serious physical asset ramifications.

Reinsurers showing increased cyber appetite ahead of 1.1

Cyber reinsurance capacity has increased while buying options continue to expand, with event covers emerging and even some alternative capital deals being done – but reinsurers will be keeping a close eye on cedants’ performance and systemic exposures at the upcoming renewals.

Is there correlation between major cyber events and broad equity market performance?

Guy Carpenter’s Anthony Cordonnier and Erica Davis highlight new research which can help (re)insurers make informed decisions about capital deployment.

Guy Carp: Fresh cyber capital can be attracted to market by avoiding “loss hyperbole”

Guy Carpenter is focusing on supporting the growth of the cyber market by attracting fresh capital, with the reinsurance broker’s global cyber co-heads telling this publication that a technical data-driven view of the potential cat loss size is the key.

Guy Carpenter hires Gallagher Re’s Seigle to target cyber retro market

Guy Carpenter has said it will be looking to grow in the cyber retro market following the addition of Grace Seigle as a cyber broker based in New York.

Guy Carpenter cyber build-out continues with McCabe named broking MD

Guy Carpenter has expanded its cyber division with a number of appointments including Matthew McCabe as managing director of cyber broking.