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Manufacturing now accounts for 41.7% of all claims, from 15.2% previously. -
The July downtime will increase relevance, demand and innovation for the market.
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The CEO said he expects cyber rates to start flattening post-loss.
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The broker said less than 1% of companies globally with cyber insurance were impacted.
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Securities class actions are a perennial source of claims for D&O insurers.
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In messaging to the market, the cyber insurer described the rating environment as “stable and sustainable”.
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He will continue to act in his role as COO, global insurance operations.
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The firm said losses could fall under $300mn if more favourable assumptions were applied.
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The investment will be used to scale operations and extend Cowbell's presence in key international markets.
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Axa's newly formed teams join the company's "complex cyber" unit.
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The event would represent a loss ratio impact of roughly 3%-10% on global cyber premiums of $15bn today.
