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Last week, the company disclosed an ultimate loss ratio of 36% for 2022, as the market softened after a period of dramatic hardening in 2020/21. -
The cyber MGA reported that claims severity increased by 7% to an average loss of nearly $169,000, fueled by business email compromise and other types of attacks.
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He will be charged with driving CFC’s cyber underwriting strategy and broker development in the US with a specific focus on the company’s admitted cyber product.
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The Boston-based cyber MGA also reported premium growth of 80% last year compared with 2021.
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The WTW D&O liability 2023 survey canvassed directors and risk managers in 40 countries around the world.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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The underwriter will be based in southern California and lead global strategy in cyber for the insurer.
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He will also join the board of At-Bay Specialty Insurance Company.
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The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.
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AM Best is confident in At-Bay's 5-year business outlook, partly due to the rapid growth seen in the cyber insurance market.
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The new programme marks Core Specialty’s first offering in the tech E&O and cyber market and offers up to $5mn of coverage.
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Inside P&C’s news team runs you through the key highlights of the week.
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