Reinsurers pushing back on broad cyber policy languageAfter expanding the breadth of cyber policies in recent years, carriers are now increasingly focused on capacity management and looking to add exclusions under pressure from their reinsurers.
Cyber insurtech Arceo.ai names Beazley’s Pruzinsky US CUOCyber insurance start-up Arceo.ai has continued to build out its team of cyber insurance talent with the appointment of Charles “CJ” Pruzinsky as executive vice president and chief underwriting officer for its US operations.
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.
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.
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.
Covid-19 to extend hard market through 2021: WillisWillis 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.
Former Marsh cyber exec Groeber joins CFCShannon Groeber, who was JLT Specialty USA’s cyber and E&O practice leader before its merger with Marsh last year, has joined CFC Underwriting as executive vice president.
Cyber the outlier to E&S professional lines hardeningBuyers are facing higher rates and restrictive terms in the professional lines excess and surplus lines (E&S) market, AmWINS has reported, with the exception being the extremely competitive cyber segment.
Private D&O insurers seek rate increases of up to 20%Some private/non-profit insurers are seeking rate increases of up to 20 percent in 2020 but broker Gallagher believes rates on the whole are likely to be flat to up 10 percent.
Aon buys cyber security firm CytelligenceAon has acquired Canadian cyber security firm Cytelligence, which has expertise in incident response and digital forensics services.
Maryland ruling raises silent cyber fears for ransomware lossesA Maryland district court judge’s ruling that a printing company’s ransomware losses are covered by a State Auto business owners’ policy (BOP) may have opened up a new avenue for such cyber attacks being covered under traditional policies.
Ascot US adds cyber expert Walter from AxisAscot has rounded out phase one of its US insurance company business line build-out with the addition of Drew Walter and four colleagues from Axis to lead a push into the cyber and errors and omissions (E&O) markets, The Insurer can reveal.
Cyber excess pricing tipped to tighten in response to privacy regulationsCyber underwriters report the threat of losses from penalties and fines under regulations such as GDPR and CCPA will put pressure on pricing, with excess layers particularly affected.
Rivington hires Welsh and launches London platform with cyber offeringMGA and program administrator Rivington Partners has established a London MGA platform led by cyber underwriting executive Rick Welsh, The Insurer can reveal.
Cyber market reports signs of firming but ransomware impact unclearCyber brokers and underwriters have identified some upward pressure on prices but raised concerns over the soaring number of ransomware attacks.
Cyber tops business concerns in Travelers Risk IndexCyber risks came out top of the list of concerns among businesses of all sizes for the first time since the launch of the Travelers Risk Index five years ago.
Vitale named Arceo.ai president as cyber insurtech raises $37mnInsurtech start-up Arceo.ai has named former Aspen executive Mario Vitale as president and completed a $37mn fundraising as it looks to deliver on its aim to build a more efficient and effective cyber risk analytics and insurance platform.
74% of US brokers seeing cyber demand increaseA market survey from The Council of Insurance Agents & Brokers has revealed 74 percent of respondents are seeing higher demand for cyber insurance, while 42 percent report claims are increasing.
Capital One reveals $400mn cyber cover after breachUS bank Capital One has revealed it has insurance covering cyber risk events with a total coverage limit of $400mn, following a breach of over 100 million individuals’ personal information.
Brit builds out US cyber practice with AIG and NAS hiresFairfax Financial-owned carrier Brit Global Specialty USA (BGSU) has continued to build out its cyber and technology practice with the appointment of James Patterson and Ryan Mimmo, with both taking on the role of vice president of cyber and technology.