The volume of supply chain attacks grew by five times between 2021 and 2023, with businesses exceeding $50mn in revenue bearing much of the brunt, according to findings from the Cyber Roundup Report 2024 from Cowbell.

Compulsory cyber insurance and tax relief on cyber investment have been identified as two measures that may incentivise greater cyber resilience among UK businesses, with new research by Howden showing that more than half of UK firms have faced at least one cyber attack in the past five years.

Nearly 93 percent of start-ups now carry cyber insurance, with many opting for simplified coverage solutions, according to insurtech MGA Embroker’s third annual Cyber Risk Index that focuses on start-ups.

Ransomware activity remained persistently high in the third quarter of 2024, with 1,257 victims identified and nearly 30 percent of incidents linked to attackers exploiting virtual private network (VPN) vulnerabilities, according to a new report from cyber insurtech Corvus.

Aon’s new cyber analyzer, suggesting the tool will drive differentiated placement outcomes, give clients a deeper view of their cyber risk, and has the potential to drive new client wins, according to the broker’s Christian Hoffman.

An insursec ranking report from At-Bay has shown the frequency of email incidents grew by 24 percent in 2023, as well as highlighting that Google Workspace customers experienced 54 percent fewer email security incidents than average and three times fewer than those using Microsoft 365.

San Diego-based endpoint detection response company Cybereason has announced a definitive merger with Chicago-based cybersecurity provider Trustwave.

Envelop Risk has combined its Bermuda and Lloyd’s underwriting activities into Envelop Underwriting, led by Dom Peters.

As cyber threats become increasingly sophisticated, human vulnerabilities remain a crucial concern, highlighted by experts during a panel at Zywave’s cyber risk conference in New York.

Beazley Security has appointed Mandeep Gosal as vice president of global professional services to oversee the scaling of management systems.

Clear communication, transparency, trust, and thorough documentation are crucial for effectively managing cyber incidents, according to panellists at Zywave’s cyber risk conference in New York.

As underwriters evaluate cyber events like CDK Global, Snowflake, and Change Healthcare, careful mapping of vendors several links down the chain remains a key measure of successful supply chain protection.

Zywave senior vice president Jeff Cohen has commented that the insurance software provider’s Cyber Quoting platform aims to address a significant gap in the industry: the need for better broker education to drive premium growth.

Cyber insurance pricing will not harden yet but may flatten next year with claims from cybersecurity incidents and tech E&O “quietly doing a little more damage” than people realise, according to speakers on a panel at a Zywave event.

The recent run of departures from cyber insurtech Cowbell has continued, with a quartet of executives resigning in recent weeks, including Western regional VP sales and distribution leader Michael Bibeau,

Media company Sinclair has sued two of its excess carriers for refusing to pay the $10mn limits that both provided under its $50mn cyber insurance program for business interruption (BI) losses stemming from a 2021 ransomware attack.

Insurance Europe, the European reinsurance federation, has published a number of policy recommendations to the European Union on how it can support the role insurance plays in strengthening cyber resilience.

Axis remains “a long-term participant” in the cyber insurance market and feels “really good” about its momentum in the segment even though its written premium in the sector may reduce in the short term as it reshapes its portfolio, according to CEO Vince Tizzio.

July’s global CrowdStrike outage is not expected to have any marked influence on full year earnings expectations for Munich Re according to CEO Joachim Wenning, who suggested the event’s impact on the overall cyber market would not be substantial.

Wholesale broker CRC Group’s cyber practice group CRC/INSUREtrust has launched a new exclusive proprietary crime product, Crime360, backed by several Lloyd’s of London syndicates.

Platinum Specialty Underwriters is close to a deal to acquire the Greg Flood-led management liability start-up MGA Atri Insurance Services, in a transaction expected to value the business around 19x-20x Ebitda, Program Manager can reveal.

Bishop Street Underwriting has hired strategy and capital markets executive Jeff Arricale from The Woodlands Financial Group as its CFO as the MGA platform continues its rapid build out, Program Manager can reveal.

Starfish Specialty Insurance has begun quoting for the 1 December launch of an employment practices liability offering for professional employer organisations (PEOs) and staffing firms led by former Markel senior director Michael Martocci, continuing its recent run of program start-ups, Program Manager can reveal.

With growth in the global delegated underwriting authority enterprise (DUAE) segment showing no sign of slowing and the sector continuing to invest in talent and technology, AM Best has maintained its positive outlook on the market.

Arthur J Gallagher stablemates Risk Placement Services (RPS) and Gallagher Re have been working in tandem on multiple MGA transactions, with the wholesaler using the reinsurance broker to secure capacity for more than 10 program offerings, this publication understands.

Bay Harbor Re believes it can sustain the low 90s combined ratio projected for its first full year of underwriting over the medium term, as it targets further growth after more than doubling its surplus to $45mn and upsizing its letter of credit facilities to $200mn, Program Manager can reveal.

Alternative capital will continue to play a prominent role in the programs sector, and while there is significant interest from MGA platforms in securing portfolio-wide quota share capacity there remains reticence among reinsurers to support such deals.

Everspan’s founding general counsel and chief compliance officer Nicholas Scott is stepping down from his posts after four years with the fronting carrier, and is expected to move into private practice.

The CUO for construction-focused MGA Tradesman Program Managers Steve Sanchez has resigned from his role to take up a new post with Arthur J Gallagher-owned wholesaler Risk Placement Services, Program Manager can reveal.

Greenlight Re has secured a whole account quota share to support its fast-growing Innovations business, with a panel of reinsurers collectively taking a more than 20 percent share of the Cayman Islands-based firm’s MGA portfolio.

Bitcoin specialist AnchorWatch secures Lloyd’s capacity ahead of December launch.

Insurtech MGU Argyle Insurance has agreed a multi-year capacity agreement with Mitsui Sumitomo Insurance Co (MSI) to write a portfolio of coverage targeted at SMEs in Australia.

TheGuarantors now has 10 carrier and reinsurer partners backing its niche rental insurance products after the specialist MGA added three new partners, including Hudson Insurance Group and Trisura.

Expansive MGA platform Doxa Insurance Holdings is in exclusive talks with QEO Insurance Group as it closes in on a deal to buy the commercial transportation specialist,

Annex has secured Lloyd’s coverholder status in a move that will allow the flood-focused insurtech MGA to bring a new surplus lines private flood offering for residential properties to market.

K2-owned Aegis General Insurance has launched a new US private company management liability program led by former Scale Underwriting executive Jeff Hirsch that will offer D&O, EPL and fiduciary liability coverage,

Specialty Program Group (SPG) has acquired group health insurance specialist Total Benefit Solutions (TBS) in a deal that marks “a key expansion” for the Chicago, Illinois-based business.

Aon’s K&K Insurance Group has secured capacity support from Markel Group for a new film and media production insurance program.

Commercial construction-focused insurtech MGA Shepherd Insurance has appointed Kenneth Rawls as head of casualty.

Trisura Group reported overall insurance revenue growth of 10.5 percent to C$807.6mn in the third quarter that included 18.4 percent growth in its Trisura Specialty division and 7.1 percent in US programs, which it said reflected the maturation of existing programs.

Wholesale and underwriting giant Amwins has been working on securing additional capacity for its brokers in a rehardening excess casualty market with the creation of a sidecar facility,

To remain relevant in a shifting distribution landscape and capitalise on the flow of business to the E&S space, wholesalers will need to deliver additional value by offering advice, expertise and proprietary product, according to Risk Placement Services (RPS) CEO Kevin Doyle.

Late last month we highlighted some of the themes that were expected to drive discussions as another record attendance descended on San Diego for the WSIA Annual Marketplace 2024.

Kinsale Capital’s share price closed down 5.3 percent on Friday despite a comfortable Q3 earnings beat, with the E&S specialist’ management highlighting increased competition as the reason for a slowdown in its premium growth.

Renewal price increases continued to slow through the third quarter in E&S property prior to the recent active period for hurricane activity, according to the latest data from CRC’s REDY index.

The latest quarterly data from CRC’s REDY index shows that private D&O softening accelerated in Q3, but employment practices liability flattened and E&O and cyber rates both picked up in the period.

The major shift towards softening property market conditions will only be reversed by the return of “fear in the room” from an event which has a major financial impact or changes the perception of risk, although a series of smaller events could slow the pace, according to a panel of brokers and insurers.

As the E&S market arrives in San Diego for the start of the WSIA Annual Marketplace 2024, record numbers in excess of 8,000 are expected, and many of the bullish themes that have featured in recent years are likely to persist around the sector’s prospects.

Axis has brought in Deb Goldberg from Lexington Insurance Company to lead the launch of its new E&S allied healthcare offering in North America.

Aegis Professional Risk, a division of Aegis General Insurance Agency and K2 Insurance Services, has partnered with Stevens Point, Wisconsin-based Sentry Insurance to launch a new E&O program.

Nationwide has appointed Clayton Henderson as the leader of claims, operations, and data & analytics for its commercial lines, E&S, and specialty lines of business.

Steve Mills has taken the position of head of casualty, US at Canopius Group as the carrier looks to bring new E&S primary and excess product offerings to market,

After an active 2024 so far for acquisitions, Ryan Specialty will continue to pursue M&A and invest in organic opportunities across its platform as it remains confident in driving double-digit growth in the E&S market for the foreseeable future, according to the firm’s next CEO Tim Turner.

Westfield Specialty’s diversified growth strategy, including renewal rights transactions, as well as organic growth through new underwriting teams and its Lloyd’s platform, helped propel gross written premium (GWP) to $785mn in the first half of 2024, with a combined ratio of 93 percent,

Bowhead Specialty is set to launch an environmental offering including contractors’ pollution and professional liability coverage as well as site pollution on a primary basis, and follow-form excess over both products with limits of up to $10mn, led by new hire Mary Ann Susavidge,

As Munich Re’s E&S platform enters its sixth year of operation, it will continue to be the key driver of profitable growth in the firm’s North American specialty insurance business, executing its select broker strategy with wholesalers and adding capabilities to the almost 20 products introduced since it was launched.

Wholesale broker Jencap has hired Sarah Gavlick as executive vice president of carrier relations and client distribution, which follows

The E&S property market has done a “180-degree turn” so far in 2024, according to Risk Placement Services, with rates steadily decreasing month by month for average reductions of 5 to 12.5 percent in the first half.

The Wholesale & Specialty Insurance Association (WSIA) has added Lexington Insurance president and CEO Lou Levinson and Navigators head of wholesale Michael Garrison to fill out two gaps on its board of directors.

Axa XL has provided $30mn in credit insurance cover as part of a new sovereign debt conversion project in The Bahamas, which is forecast to generate $124mn in marine conservation funds over the next 15 years.

As COP29 prepares for its second week in Baku, Azerbaijan, Sustainable Insurer reflects on discussions so far and what more needs to be done to elevate the role of (re)insurance in global dialogue.

Organisations working towards net-zero emissions need to manage new physical and business risks that are not always easy to anticipate, according to discussions at the Ferma Forum in Madrid last month.

CFC has confirmed the expansion of its carbon insurance suite with the introduction of a new carbon lender non-payment insurance cover.

A coalition of members from non-profits, start-ups and research providers have launched Insurance for Good, a new US-based non-profit designed to coordinate efforts to harness insurance for the common social and environmental good.

Claims management specialist Crawford & Company has launched a renewable energy practice led by a team from Renewable Energy Loss Adjusters (RELA), including former CEO Alan Tucker.

Marsh has launched a new insurance facility backed by Brit, Talbot and Sompo to help businesses in the UK, US and EU to manage the risks associated with carbon credit certificate fraud.

UK insurer Aviva has issued its latest warning over the risks associated with lithium-ion batteries following findings that almost half of firms fail to carry out regular inspections or follow charging guidelines.

The investment arm of UK insurer Aviva has launched a carbon removal fund to enable institutional investors – including insurers and pension funds – to access carbon removal solutions that deliver investment returns while supporting long-term net-zero ambitions.

Axa XL is forming a cyber risk consulting team specifically for companies involved in renewable energy infrastructure as the growing ubiquity of clean energy assets and lack of cybersecurity controls in supply chains and mergers raise concerns over increasing vulnerability.

Six members of Extinction Rebellion were arrested in the City of London on Tuesday after targeting the offices of WTW.

Members of Extinction Rebellion’s Insure Our Survival campaign have blockaded 30 St Mary Axe – also known as the Gherkin – in the second day of targeted action against the UK insurance sector’s alleged involvement in new fossil fuel infrastructure.

Apollo and Hiscox are among the Lloyd’s carriers providing capacity for a new lineslip offered by carbon credit insurer Oka.

The underwriting demands of the energy transition will require upskilling among managing agents to be able to identify and understand what a credible transition plan looks like, according to Paul Davenport of the Lloyd’s Market Association (LMA).

Climate activists have again disrupted the annual reinsurance metering in Baden-Baden, urging the sector to divest from fossil fuels and to cease (re)insuring oil and gas projects such as the East African Crude Oil Pipeline.

Lloyd’s has unveiled a new vehicle in partnership with the UN Capital Development Fund (UNCDF) and Aon to deliver disaster risk financing to small island developing states in the Pacific, with plans to expand the programme throughout the region and in the Caribbean.

A “silent transition” is under way as firms move towards lower-carbon materials and energy sources, potentially causing misalignment between insurance products and pricing if associated risks are unknown or misunderstood, a new report by the Lloyd’s Market Association (LMA) has warned.

Generali has updated its fossil fuel underwriting restrictions to exclude midstream and downstream oil and gas companies and infrastructure from securing new insurance cover.

The number of renewables-focused MGAs has increased owing to their ability to underwrite the sector in a more nimble manner, according to Novagen’s Valeria Del Villano.

Lloyd’s is not considering tougher underwriting policies around oil and gas infrastructure, CEO John Neal has confirmed, with the executive underlining the need to consider the energy transition as a gradual transformation rather than a dramatic cutover.