Cyber

At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.

The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.

The average loss for the six-month period was $365,000, which represents a 117% increase year on year and a 61% increase from H2 2022.

The capacity deal is slated for deals with 10/1 effective dates and beyond.

A recent Microsoft/Rackspace Technology survey on cybersecurity has insurers expressing less concern over security risks posed by artificial intelligence than other respondents.

Based in New York, the executive will report to Axa XL CUO Libby Benet.

The founding members include Munich Re, Gallagher Re, and BitSight.

Rate fluctuations are expected in the market, due to the emergence of new risk-differentiation models and cyber security standards.

In late May, this publication revealed the appointment along with Mauro Signorelli’s, who served as head of international cyber at Aspen Insurance.

Some carriers have already hit GWP targets for this year and are refraining from writing any new cat risks unless it fits a very favorable profile, the firm said.

In contrast, cyber pricing continued slowing down as Q2 rates increased 3.6%, compared with 8.4% in Q1 and 15% in Q4 as the space was hit by increased competition.

With the acquisition, Zurich will expand its cyber risk mitigation services provided by Zurich Resilience Solutions unit.