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Only 27% cited coverage being too expensive at renewal as their reason for changing carrier. -
Sources said that rival MGAs on the platform were “concerned” following the At-Bay acquisition, which contributed to the exodus.
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Cyber threats were the top overall concern for business decision-makers (59%) ahead of broad economic uncertainty (57%) and fluctuations in oil and energy costs (56%).
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The capacity deal was brokered by Lockton Re.
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Themes from this year’s ITC conference in Las Vegas also included the exit of less educated investors, increased appetite for venture debt and the allure of cyber.
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Cowbell Specialty will augment the InsurTech’s existing panel of 15 reinsurance partners, without replacing any of the current programs.
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The InsurTech said small businesses remain highly targeted, and having a remote workforce makes clients more vulnerable to cyberattack.
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Cyber continued to register the largest increase in the period, while D&O saw a small price drop compared to a moderate increase in the previous quarter.
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In the newly created position, Rudow will report to Everest North America reinsurance head Jill Beggs.
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The executive pointed at cyber and excess and surplus carrier Lexington as businesses that AIG was seeing rapid growth.
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The appointment marks an expansion of the agency’s financial lines portfolio, which already includes D&O, E&O, EPL, fiduciary, fidelity, and related lines.
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