North America

Resilience parts ways with NA head of claims Comerford

Resilience’s North America head of claims Linda Comerford has left the business after less than a year.

CFC bolsters Canada operations with Coalition’s McGuinness

CFC has hired Coalition’s Kelly McGuinness as cyber, tech and professional liability development leader for CFC Canada.

Preparing for Canada’s proposed privacy legislation

Chris Pitcher, head of cyber for Arch Insurance Canada, answers key questions on the proposed Bill C-27 and how organisations can best position themselves for success.

Cyber platform Upfort adds former At-Bay exec Sadoff as advisor

Cyber security and insurance platform Upfort has appointed longtime insurance industry leader Brett Sadoff to its advisory board.

Sompo Intl’s DePiero: Loss development to deter cyber market from rate reductions

Loss development from 2023 in the cyber market should taper any further reductions in rate, according to Richard DePiero, EVP and head of Sompo Pro US at Sompo International.

Corvus’ Winchester: Ransomware “back with a vengeance”

Ransomware “really had a resurgence” in 2023 over the prior year, according to Lauren Winchester, SVP, Risk Advisory at Corvus, who told The Insurer TV at the NetDiligence Cyber Risk Summit in Miami Beach that it will continue to be a big threat in 2024.

Axa XL confirms Chia's appointment to Americas cyber CUO

Axa XL has confirmed the hire of Michelle Chia as chief underwriting officer for cyber in the Americas.

WTW launches new cyber insurance solution for SMEs

WTW has developed a new specialised cyber insurance solution targeted at North America-based SMEs that generate revenues below $50mn.

Canopius launches new coverage for cannabis cyber risks

Specialty (re)insurer Canopius Group has launched a cannabis cyber insurance solution to address data security issues in the North American legal cannabis industry.

Coalition adds HDI to Canadian cyber capacity panel

Coalition has added HDI Global Specialty to the capacity panel supporting its Canadian cyber and tech E&O offering.

Markel’s Castriotta: Cyber war incidents causing physical events top concern for industry

Cyber war incidents amounting to a physical event are among the key risks the industry is “very concerned” about, alongside “collateral damage and the potential uninsurability” of war related to cyber, Markel’s Kelly Castriotta told The Insurer TV.

Zurich acquires cyber counterintelligence firm SpearTip

Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired cyber counterintelligence firm SpearTip.

MS Re’s Goldie: Property cat market now less chaotic, but one push on pricing not enough

“No one loves property catastrophe risk,” MS Reinsurance chief underwriting officer Charles Goldie has told The Insurer TV, noting that while the chaos seen in the market at the turn of the year has tempered, inflation means the rate increases that have been pushed through cannot be a one-time shift.

QBE NA confirms capacity deal with SME cyber insurtech MGA Converge

QBE North America has announced the launch of a new SME cyber program that will be underwritten by cyber insurtech MGA Converge, confirming reporting from The Insurer earlier this week.

CyberAcuView’s Camillo reveals approved cyber war language

CyberAcuView has received approval from the Lloyd’s Market Association for new war exclusion language that will provide US carriers and clients with an alternative to the updated London market wordings, The Insurer can reveal.

Coalition: 2022 cyber claims frequency drops 22% but severity sees modest increase

Cyber 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 appoints Marino as US distribution lead

Specialist cyber insurance provider CFC has appointed Lori Marino as distribution leader for the US.

Aon’s Schultz: 2023 will see cat bond issuances return to “record levels” at $11bn+

Cat bond issuance levels are expected to reach record levels in 2023 with Aon Securities CEO Paul Schultz predicting north of $11bn as a “reasonable outcome” following a muted end to 2022 as a result of investor uncertainty and frustrations.

Some reinsurers went “too far” at 1.1: LSM’s Hobbs

Liberty Specialty Markets president and managing director Phil Hobbs said he would have “rather been a seller than a buyer” of reinsurance at the 1.1 renewal, which saw some reinsurers “go too far” and risk damaging relationships.

Beazley’s Cox: Industry hasn’t proved it can “successfully underwrite” for climate change

While the first major reinsurance renewal of 2023 demonstrated to investors the industry’s resolve in hiking up prices as opposed to “another false dawn”, (re)insurers haven't yet done enough to prove they can “underwrite for climate change and make money”, the CEO of Beazley has cautioned.