Axis hires trio of US cyber and E&O underwritersAxis Insurance has bolstered its US cyber and technology team with the appointments of Peter Smith, Emma Werth and Jessica Currier from Swiss Re, Tokio Marine HCC and Hiscox, respectively.
Canopius adds property product to tackle ‘silent cyber’ gapCanopius has launched a set of cyber property products for medium to large corporations across all sectors which will replace cyber cover excluded from property policies following regulatory action to address the issue of ‘silent cyber’.
NFP makes cyber hires from Marsh and Axa XLNFP has built out its cyber practice with the hires of Akhil Chopra from Marsh and Elissa Doroff from Axa XL, in addition to Ben Beeson recently joining from Arceo.
Xchanging hit by ransomware attackLondon market IT platform Xchanging has been hit by a ransomware attack, its parent DXC Technology confirmed on Monday.
Ransomware losses tipped to drive more cyber writers awayCyber underwriters have suggested that some players may leave the market, with losses piling up, but they reject the notion that sublimits should be introduced for ransomware.
Cyber specialist Beeson leaves Arceo to join NFPBen Beeson has joined broker NFP as a managing director and financial lines development leader after leaving cyber risk analytics and insurance platform Arceo.
Excess casualty carriers cut back lines for big brands to $10-15mnAnti-corporate juror sentiment and social inflation mean excess casualty carriers are restricting their capacity to just $10mn to $15mn per risk for global and brand name corporations in response to deteriorating loss trends, according to a new report from Epic Insurance Brokers & Consultants.
Global cyber premiums to reach $5.5bn in 2020: Swiss ReSwiss Re has estimated that global cyber insurance premiums will reach $5.5bn in 2020, up more than 20 percent from its estimate of $4.5bn for 2019.
Beazley overhauls cyber and tech business under BantickLondon-listed Beazley has overhauled the underwriting team within its global cyber and tech underwriting unit under the leadership of former London market and international cyber leader Paul Bantick.
Cyber losses increase 50 percent despite security spending boostTotal cyber losses surged 50 percent to nearly $1.8bn over the past year, with UK companies the worst hit by cyber attacks, a report by Hiscox has found.
Insurers grossly underestimate the risk of a cyber breach: studyA new ESI ThoughtLab study into cybersecurity investment by different industries reveals the insurance industry is the top investor in cyber security, while 60 percent of companies in all industries plan on increasing their cyber insurance spend.
Cyber specialist Axio gets investment from Fin, IA Capital and NFP VenturesCyber risk management software-as-a-service company Axio has secured funding from Fin Venture Capital as well as insurance-focused investors IA Capital Group and NFP Ventures.
US cyber loss ratio deteriorated 10 points in 2019: AonUS cyber insurance premiums grew 11 percent in 2019 while ransomware attacks meant the loss ratio for this line worsened by 10 percentage points, an Aon analysis has revealed.
Ransomware attacks up 25% in Q1: BeazleyBeazley has warned that Covid-19-related phishing scams will dominate the analysis of the cyber insurance market’s second quarter following a 25 percent rise in ransomware attacks overall in Q1.
AGCS hires Willis’s Kang as North America cyber headWillis executive Thomas Kang will join Allianz Global Corporate & Specialty (AGCS) as head of cyber in North America effective 15 June.
Covid-19 to accelerate evolution of $2bn cyber reinsurance marketThe inchoate $2bn cyber reinsurance market will mature more quickly as a result of Covid-19 and the impact the pandemic crisis is having on work and e-commerce habits.
Aon names Rieth new US cyber practice leaderAon has appointed Brent Rieth as the new practice leader for its US cyber solutions errors and omissions (E&O) and cyber broking team.
Gallagher’s Pen names Patel head of cyberPen Underwriting – Gallagher’s managing general agent – has promoted Hamir Patel to head of cyber, succeeding Adrian Scott who was named managing director of international & financial lines as part of the wider suite of internal promotions revealed in February.
Capsicum launches ransomware exposure modelThe leading cyber reinsurance intermediary Capsicum Re has released a modelling solution to quantify the expanding ransomware exposure threat.
Allianz names Richter to lead Cyber Center of CompetenceAllianz Group has appointed Catharina Richter as global head of its cyber center of Competence (CoC), succeeding Emy Donovan who had left the firm last year.