CNA

The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.

In his new role, Dieter Korte will be responsible for profitability, growth and strategic direction of CNA's middle-market business.

Texas-based InsurTech Overhaul has entered a strategic partnership with commercial P&C insurer CNA to mitigate cargo-theft risk within the trucking industry by way of Overhaul’s TruckShield technology.

Miralles will leave the company in September and will transition to a career in technology.

Michael Costonis will assume the new position of global head of marketing, strategy and innovation.

The company added a new property quota share treaty at June 1, which reduced net written premiums in the quarter by $122mn.

Gross written premiums grew 8%, despite ‘transactional limitations’ at the beginning of the quarter tied to the March cyber intrusion.

New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.

The figure CNA paid is almost 10 times the $4.4mn that Colonial Pipeline paid following the ransomware attack it incurred earlier this month.

Policyholders are homing in on loose policy wordings to convince courts that insurers have acted in bad faith.

Dino Robusto says the carrier continues to review data affected by the attack and to determine what notifications it must make, if any.

The carrier improved its underlying combined ratio by 1.8 points as higher earned premiums helped the company lower its expense ratio.