Cyber reinsurance capacity increased at the 1.1 renewals while demand was flat to down, leading to excess of loss rate reductions and higher quota share commissions, while there was also greater confidence around systemic risks, reinsurance brokers have reported.

Old Republic International has confirmed The Insurer’s reporting that it is forming a new underwriting subsidiary to provide cyber and technology errors and omission insurance products, its seventh new specialty company launch in the last nine years.

Well-performing cyber reinsurance books saw risk-adjusted rate reductions of up to 20 percent in the excess of loss (XoL) market at 1 January, with systemic events in 2024 having little impact on renewals, according to Howden.

The cyber insurance market enjoyed another strong year in 2024, despite concerns around mini catastrophe events and pricing continuing to soften.

Old Republic International is set to continue its push into non-admitted specialty markets after hiring former Resilience and Beazley underwriting executives Charles “CJ” Pruzinsky and Kevin McGowan to work on its entry into cyber insurance, Cyber Risk Insurer can reveal.

Axa XL has hired Robert Malone from Zurich North America as head of large accounts and portfolio management of its cyber insurance team in the Americas.

The US cyber insurance sector is now in a soft market period after premium rate changes dropped below zero in 2024, according to Tokio Marine HCC’s 2024 Cyber Market Report.

Travelers has appointed Lauren Winchester – who joined the carrier at the start of 2024 as part of the Corvus acquisition – as head of cyber risk services.

The US Department of Health and Human Services (HHS), through its Office for Civil Rights (OCR), has proposed an update the 1996 HIPAA Security Rule to bolster cybersecurity protections in the healthcare system and address modern cyber threats.

Security software and service providers Arctic Wolf and BlackBerry Limited have entered into a definitive agreement in which Arctic Wolf will acquire BlackBerry’s Cylance endpoint security assets for $160mn in cash.

Traditional insurance frameworks are ill-equipped to address the risks posed by the rapid growth of bitcoin and the broader cryptocurrency market, according to Thomas Shewchuck, head of underwriting at Evertas, a specialist crypto insurer.

The cyber insurance market will see price decreases in the single digits, there will be increased attention on supply chain risks and physical threats from attackers “will likely only get more aggressive”, insurtech Coalition has forecast in its 2025 predictions.

Threat actors will successfully breach a major “business critical” vendor in 2025, according to executives at insurtech Resilience, who also project that cyber criminals will succeed in executing a “deep fake” attack on a major firm in the year ahead.

Cyber insurtech Resilience has hired Maria Long as deputy CUO, Scott Schleicher as senior vice president of underwriting, Megan Koffer as vice president of underwriting in the Southwest and Janine Cooper as assistant vice president of underwriting in the Midwest, Cyber Risk Insurer can reveal.

Cyber risks will intensify next year, according to Moody’s Ratings, which expects carriers’ loss ratios for this line to worsen as a result.

Cyber remains the fastest-growing class of business at Lloyd’s, with loss development no longer classing the line as short tail, according to senior Corporation executives.

Annual cyber insurance premiums are likely to increase by 15 to 20 percent per year to around $23bn by the end of 2026, according to S&P Global Ratings 2025 cyber insurance market outlook.

Texas-based information security assurance provider HITRUST has announced the launch of a cyber insurance consortium in collaboration with Lloyd's of London.

Specialist insurer CFC has continued the expansion of its dedicated cyber team in Australia with the appointment of Michael Lewis as cyber development manager.

Fewer insureds have confidence in the ability of cyber insurance to cover the cost of an attack as compared to last year, a Cyber Insurance Outlook 2024 survey from Arctic Wolf found.

Former Tesla insurance chief Matt Edmonds has launched a digital-first auto MGA initially writing on the paper of Incline Insurance that has ambitious plans to revolutionize the segment by providing near frictionless coverage integrated seamlessly with carmakers and dealerships at the point of sale, The Insurer can reveal.

Specialty MGA ARTes Specialty has partnered with Australia-based broker Mobius Insurance to launch a combined material damage and associated liability product for the Australian commercial logging and forestry market.

Private Client Select Insurance Services (PCS) has promoted Ross Bowie to CEO, taking over from Christopher Flatt, who had been serving in the role at the Stone Point- and AIG-backed high net worth MGU on an interim basis.

Sutton National Group has said it is looking forward to a “bright future” after AM Best removed its ratings from under review with negative implications and affirmed them in the wake of the fronting carrier’s reorganisation and ownership change being approved by Oklahoma’s insurance commissioner.

Ryan Specialty has agreed to acquire property cat-focused MGA Velocity Risk Underwriters from private equity sponsor Oaktree Capital Management in a $525mn cash deal, with property mutual giant FM acquiring Velocity Specialty Insurance Company.

Former Fidelis Partnership executive Jonny Creagh-Coen has joined London MGA Alchemy Underwriting as head of strategic relationships, The Insurer can reveal.

Falvey Insurance Group’s newly installed CEO Jack Falvey has begun his tenure at the MGA’s helm by making a quartet of appointments, with Eric Newman, Brody Karn and Brad Eldridge handed new roles, while Emma Falvey has joined the business from Westfield Specialty.

Insurtech MGA Roamly has begun 2025 with an expanded reinsurance panel as SiriusPoint, Spinnaker, Apollo, ICW, Vantage and Ladder Re join the group of companies underwriting its suite of specialty coverages.

Former Ascot underwriter Ed Colville has launched XA Underwriting, a new MGA focused on UK-domiciled commercial SMEs.

AM Specialty Insurance Company (ASIC) ended 2024 by growing its annual premium volume by $40mn year on year to $140mn with the expansion reflecting what the company said is its commitment to selective underwriting and providing capacity for high quality, low volatility risks.

K2 Insurance Services-backed residential flood MGA start-up Titan Flood was readied in time for a 1 January launch as it signed up the AM Best A rated paper of Nationwide E&S/Specialty supported by a panel of domestic, Bermudian and Lloyd’s reinsurers, E&S Insurer can reveal.

Old Republic International is set to continue its push into non-admitted specialty markets after hiring former Resilience and Beazley underwriting executives Charles “CJ” Pruzinsky and Kevin McGowan to work on its entry into cyber insurance, Cyber Risk Insurer can reveal.

Cat specialist SageSure has closed the acquisition of GeoVera Advantage Insurance Services, an earthquake risk underwriter – the merged agency will now function as a newly formed MGA.

Amwins has acquired Bellevue, Washington-based MGA Superior Underwriters in a deal that bolsters its capabilities in the Pacific Northwest.

The delegated underwriting authority sector will end 2024 reflecting on a year in which it again saw a host of start-ups and bore witness to some major M&A deals, with little to suggest its recent run of growth will come to a halt.

The Insurer - More capacity is poised to enter the renewable energy insurance market in 2025 as carriers look to gain a greater share of the expanding industry, with clients set to benefit from lower deductibles and broader terms alongside reduced rates, according to Nardac Insurance Services.

Bermuda-based holding company Maiden Holdings has entered into a combination agreement with Kestrel Group to form a new publicly listed specialty program group.

UK MGA Alps has appointed Michelle O’Reilly as managing director, replacing the long-serving Ian Micklewright who is departing after more than 20 years with the business.

Redline Underwriting has secured capacity support from Allianz Commercial’s UK arm to begin underwriting general aviation coverage for small and medium-sized insureds based in the Latin America and Caribbean regions.

Amynta Group has bolstered its capabilities in the credit insurance market after it acquired Crum & Forster (C&F)'s credit division.

Old Republic International is set to continue its push into non-admitted specialty markets after hiring former Resilience and Beazley underwriting executives Charles “CJ” Pruzinsky and Kevin McGowan to work on its entry into cyber insurance, Cyber Risk Insurer can reveal.

K2 Insurance Services-backed residential flood MGA start-up Titan Flood was readied in time for a 1 January launch as it signed up the AM Best A rated paper of Nationwide E&S/Specialty supported by a panel of domestic, Bermudian and Lloyd’s reinsurers, E&S Insurer can reveal.

Kevin Oh has stepped down from his role as the national property president at Risk Placement Services (RPS) and is set to rejoin Markel after only around two months with the Arthur J Gallagher-owned wholesaler, E&S Insurer can reveal.

Lovell Minnick-backed employee benefits-focused general agency (GA) Warner Pacific has acquired five GAs from Acrisure and entered into a strategic alliance with the self-styled fintech firm.

AM Specialty Insurance Company (ASIC) ended 2024 by growing its annual premium volume by $40mn year on year to $140mn with the expansion reflecting what the company said is its commitment to selective underwriting and providing capacity for high quality, low volatility risks.

Twelve months ago in E&S Insurer’s 2023 review, we highlighted another bumper year for the sector, but cautioned signs of slowing momentum.

Bowhead Specialty Underwriters casualty head Jeff Saunders has stepped down from his full-time position at the company and will now serve the business as a senior advisor, with Derek Broaddus stepping up to take over his role, E&S Insurer can reveal.

Private Client Select Insurance Services (PCS) has promoted Ross Bowie to CEO, taking over from Christopher Flatt, who had been serving in the role at the Stone Point- and AIG-backed high net worth MGU on an interim basis.

Amwins has acquired Bellevue, Washington-based MGA Superior Underwriters in a deal that bolsters its capabilities in the Pacific Northwest.

Wholesaler CRC Group has hired Michael Schmitt, Sean McPhillips, Bailey Cadden, and Blake Rios as brokers across its US offices.

KBW’s Meyer Shields has provided a “largely positive” outlook for specialty and standard commercial insurers, reflecting the historical pattern of peak commercial underwriting margins coming several years after peak pricing increases.

Dallas-based E&S provider AM Specialty Insurance Group has hired Stephen Mathews as its group chief financial officer.

Wholesaler CRC Group has bought SLB Insurance Group in its first acquisition since its parent TIH was spun off from Truist and former sister company McGriff was sold to Marsh, E&S Insurer can reveal.

Old Republic International Corporation announced on Friday that its board of directors has declared a special dividend of $2.00 per share, which will return around $500mn of capital to shareholders on 15 January 2025.

US insurance brokerage M&A transactions had reached 633 by the end of November, up 2.5 percent on the same period of 2023 and dominated by private capital-backed buyers, with activity expected to end the year strongly, according to boutique investment banking firm MarshBerry.

Risk Placement Services (RPS) launched an excess casualty sidecar earlier this year which offers a $5mn line on State National paper supported by a quartet of at least A- rated reinsurers, E&S Insurer can reveal.

Emerald Bay Risk Solutions founding CEO Dave Ingrey has stepped down from the role and is expected to take on a board position while head of business development Ken Ingrey is leaving the Bain Capital-backed fronting carrier, Program Manager can reveal.

New US casualty market entrants are leading to rate stabilisation in excess of $10mn, while the London market is “becoming a bit more aggressive” than domestic carriers, according to Risk Placement Services.

Bridge Specialty Group, the wholesale broking division of Brown & Brown, has acquired the assets of Madison, Wisconsin-based specialty wholesale environmental insurance brokerage platform American Risk Management Resources Network.

The inevitable soft market will make it more challenging for E&S carriers to maintain profitability, but the trend toward increasing specialisation, customisation and risk segmentation means that the level of premiums in the segment is likely to drop off by less than in past cycles, according to Conning.

In our first monthly edition of the year, Sustainable Insurer outlines five key trends that look poised to have the sector talking throughout 2025…

Climate change is set to increase the risk from natural catastrophes in countries such as Australia, complicating an already intricate business risk landscape. Storylines can help businesses better understand and manage these complex and often compound climate hazards.

The influx of European directives over the past 24 months is expected to fuel an increase in cross-border environment-related litigation, with insurers facing a potential increase in D&O and E&O exposures, according to Safine Hadri of Kennedys.

The “writing is on the wall” for (re)insurers to begin to disclose nature-related risks and opportunities within their underwriting and investment portfolios ahead of the introduction of mandatory reporting requirements, Oliver Wyman’s Rob Bailey has warned.

Aon unveils the expansion of its Climate Risk Monitor offering as the insurance sector looks to improve its understanding of how a changing climate influences natural perils worldwide. Sustainable Insurer talks to Megan Hart, global head of analytics and collaborations at Aon, about the key aspects of the update.

The Partnership for Carbon Accounting Financials greenhouse gas reporting and accounting standard is becoming the go-to framework for insurers disclosing their Scope 3 insurance-associated emissions.

UK insurer Aviva has again warned on the risks associated with lithium-ion batteries following new research which found that more than half (54 percent) of surveyed UK businesses have experienced an issue or incident.

At the beginning of 2024 Sustainable Insurer outlined five key themes for the year ahead, centred around the adaptation and resilience agenda and the increasing complexity of ESG regulations.

Specialty (re)insurer Canopius has named Olivia Brindle head of sustainability, effective immediately.

Allianz has been targeted in a protest action on Thursday which saw the German carrier's London offices covered in red paint.

Aviva, Axis and Munich Re are the only major (re)insurers that write more direct premiums for renewable energy than fossil fuel infrastructure, according to a new report by Insure Our Future, which slammed industry-wide underwriting of fossil fuels as “economically dubious”.

Generali, Allianz and Zurich have topped the 2024 scorecard by Insure Our Future for implementing the most comprehensive fossil fuel underwriting restrictions across 30 global (re)insurers.

Zurich Resilience Solutions, the commercial risk advisory unit of Zurich Insurance Group, has formed an alliance with GoImpact Capital Partners aimed at enabling businesses in Asia Pacific to address the challenges of climate change.

Insurers are not giving sufficient consideration to nature-related risks across their entire underwriting portfolios, according to a new guide by the UN Principles for Sustainable Insurance initiative.

The increasing prominence of wind and solar power is exposing energy companies to more weather-related risks, which they are looking to transfer.

The World Bank has disclosed that it is working with four eastern Caribbean states to boost climate resilience through three risk transfer mechanisms: a catastrophe swap, cat bonds and additional parametric insurance.

Australian insurers have welcomed an inquiry by the Senate Select Committee into the impact of climate risk on the affordability and availability of insurance.

A disorderly net-zero transition could impact European insurers’ investment returns by up to 13 percent in the short term, a new report by Ortec Finance has said, while failure to transition altogether would slash real estate and equity portfolio returns by more than half.

Carriers are increasingly embracing risks and exposures associated with battery energy storage systems (BESS), including the development of a revenue protection product, as underwriting loss data for other renewable technologies matures.

Zurich’s Alison Martin has called for greater trust from regulators in the ability of insurers to understand the risks on their own balance sheets, while also warning that greater policy intervention is needed to ensure that the industry does not become “the climate change police”.