At-Bay has dismissed an undisclosed number of staff, including a handful of underwriting positions and around a dozen back-office staff, as part of an efficiency drive, Cyber Risk Insurer can reveal.

CFC’s USA chief executive Shannon Groeber has left the company in a move that brings her near five-year stint with the London-based MGA to an end, Cyber Risk Insurer can reveal.

Resilience has named George Kotsiopoulos president of insurance as part of a leadership realignment that gives chief revenue officer Matthew Polly oversight of underwriting and sales, Cyber Risk Insurer can reveal.

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.

The Lloyd's Market Association (LMA) has proposed a new framework for Lloyd's insurers to utilise when managing their exposure to under-modelled systemic cyber risks, particularly for the healthcare and shipping sectors.

Cyber security, technology, financial, operational, and economic risks were the top five growth disruptors for senior-level business executives in deciding what insurance was most essential for them in the near future, according to the Chubb’s Risk Decisions 360 report.

Sixty-nine percent of US companies have reported an increase in cyber attacks compared to the previous year, according to Hiscox’s annual Cyber Readiness Report.

Parametrix Insurance co-founder and chief technology officer Neta Rozy has stepped away from her role at the cyber modelling firm and MGA.

WTW has extended its CyCore primary cyber insurance facility, underwritten by QBE and Axa XL, to Singapore and Hong Kong.

San Francisco-based insurtech Coalition has appointed former Falcon Risk Services executive David Lynders as its new head of insurance, succeeding Shawn Ram, who is transitioning to the role of chief revenue officer.

Education technology firm PowerSchool has confirmed a December 2024 cybersecurity breach compromising the personal data of students and teachers using its PowerSchool SIS platform.

A critical zero-day vulnerability has been actively exploited in Ivanti Connect Secure VPN appliances since mid-December 2024, according to a vulnerability alert from cyber incident response firm Moxfive.

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.

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.

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.

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 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.

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.

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.

K2 Insurance Service’s property-focused MGA Vikco has launched a new builder’s risk program that offers limits of up to $20mn, Program Manager can reveal.

Alternative risk transfer-focused MGU SRS Altitude has announced its expansion into the North American market with the addition of Milan Pavlik, Amazon's former captive director.

Hybrid fronting insurer Bridgehaven Specialty UK has appointed Doug Humberstone as head of claims.

Start-up MGA Volt Underwriting has continued its run of hires from Travelers' renewable energy leadership team with the appointment of Tom Nooth-Cooper.

Gallagher’s MGA unit Pen Underwriting has appointed Robert Dobson as marine claims manager.

Wildfire-focused insurtech MGA Kettle has more than doubled its insured loss estimate for the ongoing Los Angeles wildfires – raising its projection to a range between $11bn and $17.5bn Thursday afternoon, up from $5bn estimated on Wednesday, The Insurer can reveal.

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.

Dellwood Insurance Group is launching a new management liability offering led by Richard Noonan and a team that includes Everest’s John Humphreys, with Nationwide’s Piyush Patel joining to take over running programs, E&S Insurer can reveal.

Analysts at rating agencies and investment banks as well as other industry sources suggest the Los Angeles wildfires will rank among the most destructive in California’s history – and will possibly be the largest ever insured loss from the peril, with JP Morgan doubling its estimate to $20bn.

Wildfire-focused insurtech MGA Kettle has more than doubled its insured loss estimate for the ongoing Los Angeles wildfires – raising its projection to a range between $11bn and $17.5bn Thursday afternoon, up from $5bn estimated on Wednesday, The 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.

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.

(The Insurer) - AM Best has placed the credit ratings of Velocity Specialty Insurance Company (VSIC) under review with positive implications after the E&S carrier entered a formal agreement on Tuesday under which it will be acquired by property mutual giant FM Group.

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.

CRC Group has added two new professionals, with Gino Franco joining from Corvus in Denver and Luke Redd joining from CAC Specialty in Chicago.

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.

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.

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.

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.

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

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

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.

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

Start-up MGA Volt Underwriting has continued its run of hires from Travelers' renewable energy leadership team with the appointment of Tom Nooth-Cooper.

Carbon insurer Kita has named Alex Pillay to the newly created role of head of underwriting.

Axa has developed a custom structured parametric insurance programme for carbon credits developed by US non-profit Well Done Foundation (WDF) in collaboration with captive (re)insurer AgriCap Group.

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.