North America

Beazley’s cyber cat bond Cairney could upsize to $250mn “relatively quickly”

Beazley’s trailblazing cyber cat bond has the potential to grow to $250mn over the next four to five years as investor interest builds, predicts the carrier’s global head of cyber Paul Bantick, as it’s revealed the bond is named Cairney.

Ohio supreme court rules ransomware attack did not cause direct physical loss

The Ohio Supreme Court has ruled a ransomware attack on EMOI Services caused no “direct physical loss of or damage to” its software and so Owners Insurance Co is not responsible for covering the resulting loss, reversing the decision of the lower court.

Alliant hires Aon’s Stampfl and Hall for new cyber vertical

Alliant Insurance Services has hired Jay Stampfl to lead the newly created Alliant Cyber vertical and Brendan Hall as senior vice president, with both new recruits joining from Aon.

Transverse partners with Mosaic for US syndicated cyber capacity

Hybrid fronting carrier Transverse has provided its paper to help Mosaic bring $20mn of syndicated capacity to the US cyber security market.

Axa XL promotes Roth to North America cyber claims leader

Axa XL has promoted Danielle Roth to practice leader and head of cyber claims for North America.

Cyber MGA Coalition gets Arch capacity for Canadian excess casualty offering

Cyber MGA Coalition is to start offering excess cyber coverage in Canada having agreed a new capacity deal with Bermuda-based (re)insurer Arch.

QOMPLX to go public in $1.4bn SPAC deal

Risk analytics company QOMPLX is to list on the New York Stock Exchange after agreeing a go-public deal through a merger with special purpose acquisition company (SPAC) Tailwind Acquisition Corp.

Eight NY auto insurers hit by “systemic” campaign to steal customer data

At least eight New York auto insurers have been targeted by cybercriminals in “a systemic and aggressive campaign” to steal nonpublic information (NPI) such as driver’s licence numbers from their instant online automobile insurance premium quoting platforms, the state’s Department of Financial Services (DFS) has revealed.

Arch Insurance backs cyber MGA Coalition

Arch Insurance North America has become the latest carrier to provide capacity to Coalition’s cyber insurance programs.

Dual NA adds Chubb’s Baldino and Axa XL’s Walas to grow cyber unit

Howden’s MGA platform Dual has expanded its North American cyber unit with the hires of former Chubb executive Larry Baldino, who will become division leader, and Axa XL’s Kate Walas.

Cyber insurtech MGA Coalition adds new hires in drive for growth

Cyber MGA Coalition has added four new production underwriters to its roster as the insurtech hunts for further growth in the middle market sector.

Tokio Marine HCC promotes Giller to lead cyber and tech underwriting team

Tokio Marine HCC has promoted the long-serving Ari Giller to lead its cyber and tech underwriting team with the executive also being appointed vice president.

Munich Re Specialty Insurance launches cyber and tech E&O offering

Munich Re Specialty Insurance (MRSI) has added a new cyber and technology errors and omissions (E&O) offering to its growing suite of products.

Cyber pricing to increase towards end of H2 amid rising loss ratios: CAC Specialty

Cyber insurance pricing may pick up towards the end of 2020 as major carriers contend with average loss ratio increases of 10 points or more year-on-year, according to CAC Specialty.

Arceo.ai takes Gamble to lead broker relations

Expansive cyber insurtech Arceo.ai has added another high-profile industry executive to its ranks with the appointment of Thomas Gamble as executive vice president and global chief distribution officer.

Covid-19 to extend hard market through 2021: Willis

Willis Towers Watson’s Insurance Marketplace Realities spring update has predicted North American commercial buyers will face newfound scrutiny of their terms and conditions while not a single line of business is forecast to have rate decreases.