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Insurers continue to compete on price, especially in the SME sector. -
Cyberattack/data breach remains in the top slot.
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According to McKinsey, the projected spending on data centers is expected to hit $6.7tn by 2030.
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Global pricing is now 22% below the mid-2022 peak.
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The risk also ranked as a top three concern for companies of all sizes.
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Lockton Re has predicted major growth in the global cyber insurance market.
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Average incident costs for SMEs were up nearly 30%.
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The as-yet unnamed platform will have to compete in a crowded market for M&A and lift-out opportunities.
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As data privacy litigation increases, insurers increasingly lean on exclusions.
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The MGA business was valued at an enterprise valuation of upwards of $1.1bn, sources said.
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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.
