Marsh names Guy Carpenter’s McCabe as US/Canada cyber coverage leaderMarsh has named Matt McCabe as its new cyber coverage leader for the US and Canada, with the executive moving over from fellow Marsh McLennan subsidiary Guy Carpenter.
Marsh: Global cyber rates drop 6% in Q3 with declines in every regionCyber rate decreases globally held steady in the third quarter at 6 percent compared with Q2, according to Marsh, with rate declines slowing in the US but accelerating in the UK and Europe.
Competition picks up in Q2 but optimism around growth remainsCommentary from (re)insurance executives suggests growth opportunities remain strong for cyber despite continued downward pressure on rates.
Marsh European cyber index down as much as 10% as moderation continues in Q2Marsh is anticipating average premium decreases of up to 10 percent across the European cyber insurance market in the second quarter of 2024, marking the third consecutive quarter of decreases in the region following corrections to wording and aggregation modelling.
Marsh-managed captive premium reaches $73bn while cyber continues to growLarge corporates are increasingly looking to set up captive vehicles specifically for cyber risk, although appetite and limits vary significantly, according to Marsh’s Rob Geraghty.
21% of Marsh cyber clients in US and Canada reported an event in ‘23Marsh clients in the US and Canada reported a record 1,800+ cyber claims last year, encompassing cyber, tech, and telecom errors and omissions (E&O), as well as media coverage.
Marsh: UK cyber rates fall 12% in Q1 despite “persistent” threat activityUK cyber insurance rates were down 12 percent on average during the first quarter of 2024, marking the second consecutive quarter of year on year double-digit rate reductions, according to new data from Marsh.
Marsh: 75% of mid-market business leaders see cyber as top 2024 concernSeventy-five percent of US-based mid-market business leaders view cybersecurity as their top concern in 2024, trailed by economic and regulatory risks, according to a new report from Marsh McLennan Agency.
Marsh launches $10mn cyber-only group captive Edgware ReMarsh has unveiled Edgware Re Ltd, a group captive insurance company designed to provide greater control and stability over cyber insurance programs.
Start-up law firm Pierson Ferdinand hires cyber specialist Panensky from MarshVirtual law firm Pierson Ferdinand has hired cyber specialist Howard Panensky from Marsh, marking the new venture’s latest prominent recruit, Cyber Risk Insurer can reveal.
Marsh Specialty names McGill’s Fort as international cyber product leaderMarsh Specialty has appointed McGill & Partners’ Shannan Fort as international cyber product leader.
Marsh: Cyber carriers looking to grow in 2024 as rate decreases expected to continueThe cyber insurance market has healthy competitive dynamics going into 2024, with rates expected to continue to decrease throughout at least the first six months of the year, according to Marsh’s UK cyber placement leader Serena France-Hayhurst.
Marsh hires cyber specialist Yang from Aon as SVPMarsh has hired Chicago-based Carrie Yang as a senior vice president in its US cyber practice, with the executive joining after almost 20 years at Aon.
Marsh promotes Konyar to lead European cyber at Marsh SpecialtyMarsh has appointed Gamze Konyar as head of cyber, Europe at Marsh Specialty, effective immediately.
Howden names Marsh’s Bayon de La Tour as international cyber headHowden has appointed Marsh’s Jean Bayon de La Tour as international head of cyber.
Marsh parts ways with cyber advisory and tech E&O product leader CaseMarsh last week parted ways with its cyber advisory and commercial and tech E&O product leader Elisabeth Case, a move that comes after the broking giant announced last month it was launching a global cyber practice within its specialty division.
Marsh to launch global cyber practice led by Tom ReaganThe new Marsh Specialty division will integrate the broker’s global cyber capabilities across insurance, risk intelligence, incident management and cybersecurity.
Marsh appoints Butler as UK cyber leaderMarsh has appointed Kelly Butler as its UK cyber leader with effect from October, with the executive set to relocate from Melbourne to London for the role.
ND panel: Cyber claims spike in recent years has helped carriers improve underwriting analysisExecutives speaking at a NetDiligence event on Wednesday said the increase in cyber claims volume in recent years has helped improve data quality, an evolution that is in turn allowing (re)insurance carriers to better underwrite the risk.
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.