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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said. -
The MGA is backed by three Lloyd’s syndicates, offering capacity limits of up to $10mn.
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Ransomware claims have made up the majority of recent large losses.
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The company saw a 53% decrease in cyber claims after a surge in 2024.
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It is understood that CyberCube has been considering a sale of the business.
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Growth in the SME sector could help stabilize the market, however.
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The company was hit with a data breach on July 16.
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The executive joins from Coalition and brings more than 30 years of experience.
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The program is set to begin binding this month.
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The executive joins from At-Bay and brings more than 25 years of experience.
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The group has hit multiple industries since March, including a raft of insurance companies.
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The risk of cyber incidents that cause physical damage is also rising.
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