Covid to cause cyber demand rise but capacity to remain stable: Willis ReCovid-19 will see demand for cyber insurance increase although respondents to a new Willis Re survey do not think increased interest from clients will be matched by commensurate growth in supply from carriers, with the cost of cover potentially rising as a result.
Corvus CEO predicts cyber market shake out as reveals 65% drop in ransomware claimsCorvus Insurance has revealed a 65 percent reduction in ransomware claims from the new version of its Corvus Scan, with the commercial insurtech’s CEO telling The Insurer that the challenge presented by ransomware will lead to a “weeding out” of cyber insurers.
At-Bay hires Hiscox USA’s head of alt distribution FeltonCyber insurance-focused At-Bay has added Hiscox USA’s Kristie Felton to its growing ranks as head of partnerships, a role which will see her lead the insurtech’s collaboration with various digital distribution platforms, among other duties.
Clyde & Co hires cyber partner Voses from Goldberg SegallaLaw firm Clyde & Co has hired Marc Voses from Goldberg Segalla, where he was chair of the firm’s cybersecurity and data privacy group.
Munich Re “best positioned” to benefit from cyber reinsurance tailwind: JefferiesMunich Re is the “best positioned” reinsurer to benefit from growth in cyber (re)insurance lines with the cyber insurance market forecast to hit $25bn in premiums by 2025, according to analysts at Jefferies.
Cyber insurance market to top $20bn by 2025: Munich ReAn increase in cyber attacks during the Covid-19 pandemic will help spur growth in the cyber insurance market which is tipped to triple to around $20bn between 2020 and 2025, according to Munich Re.
Markel hires AGCS’s Castriotta to cyber teamKelly Castriotta has joined Markel Corporation as senior director, global cyber underwriting, having most recently served as head of cyber underwriting and product development for financial lines at Allianz Global Corporate & Specialty (AGCS).
Covid-19 to speed up cyber insurance market growth: S&PThe cyber insurance market will grow 20 percent to 30 percent a year for the near future as vulnerabilities to cyber attacks increase from companies speeding up digital transformations in response to Covid-19, S&P Global Ratings believes.
Gallagher’s Pen ups Lloyd’s cyber capacity to £55mnGallagher’s Pen Underwriting has increased its Lloyd’s cyber capacity to £55mn ($73.5mn) following the successful renewal of multiple binders with its consortium of Lloyd’s partners.
Ed adds Paragon’s Head to grow professional & executive risk teamBGC Insurance-owned Ed has bolstered its professional and executive risk offering with the appointment of Paragon’s John Head as a broker and producer with immediate effect.
Crum & Forster makes cyber/E&O hires from Beazley and MarshFairfax subsidiary Crum & Forster has expanded its executive risk team with the hire of two cyber and errors and omissions (E&O) underwriters in the greater Atlanta area: Safeer Mohammed and Ross Perkins.
Cyber pricing to increase towards end of H2 amid rising loss ratios: CAC SpecialtyCyber 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 relationsExpansive 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.
Cyber insurtech Coalition enters Florida’s admitted marketInsurtech Coalition has been given the green light by the Florida Office of Insurance Regulation to begin offering its comprehensive cyber coverage on an admitted basis in the Sunshine State.
Sompo International taps Barbican for new cyber headSompo International has named Lauren Folkard as vice president and head of cyber for the London Market, effective immediately.
TransRe’s Sapnar: Covid-19 experience highlights systemic cyber concernsUnderwriters should look closely at the way they are assuming cyber risk in their portfolios in light of the systemic issues presented by Covid-19, according to TransRe CEO Mike Sapnar.
Beazley hires four cyber and executive risk underwriters in MidwestBeazley has strengthened its Chicago-based cyber and executive risk (CyEx) division with four new underwriters, who join from Allied World, Hiscox, Zurich and Allianz.
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 pricing holding steady despite Covid new business challenges: Beazley’s HortonThe economic downturn so far witnessed in 2020 as a result of the Covid-19 pandemic has had a detrimental impact on the generation of new cyber business, however underwriters are holding the line on pricing, Beazley CEO Andrew Horton has said.
Coalition enters excess cyber market with Lloyd’s-backed capacityCyber insurtech Coalition is to enter the excess cyber insurance market for middle market businesses in the US, offering up to $10mn in aggregate limits backed by Lloyd’s.