GC: Cyber modelling maturity poised to attract reinsurance and ILS capitalThe increasing maturity of cyber modelling can help build the trust that will draw more reinsurance and ILS capacity into the space, according to reinsurance broker Guy Carpenter.
Amwins set for PL product rollout on digital portal as cyber gains tractionAmwins is ramping up its SME Professional Lines Portal after gaining significant traction with a cyber offering that is supported by 11 carriers and MGAs and provides a seamless digital quote-to-bind service for its retailers allowing price comparisons between the markets in minutes, E&S Insurer can reveal.
Q1 results commentary suggests E&S market remains “very strong”First quarter results gave mixed signals about sequential quarterly wholesale organic growth momentum for those brokers that provide figures, but executives remained bullish on the sector in their commentary.
Gallagher Re: Larger carriers will explore taking equity stakes in cyber MGAsAttracting more capital is the biggest challenge facing cyber (re)insurance, Gallagher Re has suggested in a new report, with the broker predicting that larger carriers will look to take equity stakes in MGAs and capital markets could play a bigger role as the landscape shifts.
Inigo confirms Creasy hire to lead new cyber portfolioLloyd’s insurer Inigo has confirmed the arrival of James Creasy as head of cyber insurance, where he will be responsible for carrier’s entry and build out in the class.
TVMoody’s RMS’ Steel: Exclusions will be an “inhibitor” to cyber market growthMoody’s RMS general manager Mike Steel has issued a rallying call for the industry to step up its efforts to work together in partnership with modelling firms to address the cyber challenge - or risk missing out on the opportunity as corporates turn to self-insurance.
Intangic: Focus on cyber cat events may lead to insurance “blind spots”The insurance industry’s focus on the potential of a “cyber armageddon” is fuelling misperceptions of state-sponsored tactics and activities, leading to a “dangerous complacency” of cyber as an unmanageable and undefendable risk, according to Intangic MGA.
Beazley secures further $20mn in cyber cat bondSpecialist (re)insurer Beazley has secured an additional $20mn in reinsurance coverage in the first tranche to its pioneering cyber catastrophe bond unveiled earlier this year.
AM Best raises concerns over pullback of DUAE capacityA pullback of delegated underwriting authority enterprise capacity in areas such as cat-exposed property and cyber is a cause for concern, while higher reinsurance pricing is making some programs economically unviable, AM Best has warned.
Cowbell bolsters UK and US teams with Bilbao and Byrne hiresCyber MGA Cowbell has bolstered its UK and US underwriting capabilities with the appointments of Claud Bilbao as UK director of underwriting and Matt Byrne as vice president of tech E&O underwriting.
Cyber now buyer-friendly market but focus on war and infrastructure exclusions to continue: AonCyber shifted to become a buyer-friendly market in early 2023 amid a decline in loss frequency and severity which has prompted a move towards more sustainable pricing levels, according to Aon.
Resilience claims report shows renewed resurgence of ransomware since Q3 2022A new claims report from Resilience shows ransomware attacks rocketed in late 2022 and early 2023, but the cyber insurtech’s CEO told this publication nearly 80 percent of its clients that were attacked recovered data and systems without making a payment.
Liberty Mutual GRS appoints Thielen as global head of cyberLiberty Mutual’s Global Risk Solutions (GRS) has appointed Chubb’s Patrick Thielen as its global head of cyber and Jelmer Andela to the newly created role of head of cyber underwriting at Liberty Specialty Markets (LSM).
Consilium launches Abbotts-led cyber, tech, and fintech divisionConsilium, the specialty (re)insurance broking business of the Aventum Group, has launched a new cyber, tech, and fintech division with Tom Abbotts appointed as its lead.
Munich Re maintains stance on cyber war clarity in response to narrower exclusionsMunich Re has said ensuring market clarity on cyber war wordings remains its “top priority” as the reinsurer continues to take aim at narrower exclusions coming into use in the market despite efforts to clarify wordings for the peril.
Munich Re leads resistance to Marsh wording on Echo facilityMunich Re is leading the pushback against the revised cyber war wordings being introduced by Marsh’s Echo facility, prompting speculation the reinsurer could be set to withdraw its capacity over the disagreement, The Insurer understands.
Boxx unveils US personal cyber product backed by HSB capacityInsurtech Boxx Insurance has begun offering personal cyber insurance to US customers with a new all-in-one coverage underwritten on admitted paper from Munich Re-owned HSB.
Coalition: 2022 cyber claims frequency drops 22% but severity sees modest increaseCyber risks stabilised slightly during 2022 as a 22 percent decrease in the overall claims frequency, although there was a slight uptick in the severity of claims experienced, according to cyber MGA Coalition.
CFC welcomes consistency on cyber war exclusions to avoid Covid BI scenarioThe insurance industry must demonstrate it has learned lessons from pandemic-related BI disputes by ensuring clarity in cyber war exclusions, with CFC’s Lindsey Nelson describing Lloyd’s updated stance as a welcome opportunity to ensure market consistency.
Cowbell adds former Hippo comms chief Collins as it looks ahead to public listingCowbell Cyber has hired Hippo’s former head of marketing Andrea Collins as its new chief marketing officer, the latest addition to the firm’s management ranks as it eyes a potential public listing sometime in the next two years, The Insurer can reveal.