Cyber

Inside P&C’s news team runs you through the key developments from the past week.

Aggregation was still an issue during January 1 renewals, as some risks in cyber remain “very difficult” to model.

The executive will oversee reinsurance partnerships, risk and portfolio management and drive new product development and innovation.

The cyber MGA also revealed it has reached a $650mn run-rate GWP.

Legal costs relating to the breach have been described as “astronomical” and sources say it is now all but certain that it would result in a full payout.

Sources told this publication Tom Draper would become head of insurance at the expansive MGA’s European operation.

The program will operate with $1mn in limit, but the firms said limits up to $5mn may be available for selected insureds subject to an underwriting review.

Panelists note rising importance of cyber BI as risks grow of system shutdowns outside of ransomware threat.

In his new role, Petrone will oversee the strategic deployment of insurance operations and underwriting resources to drive growth.

Cyber insurance clients need to provide all the domains they use for business, not just the public facing ones, if they hope to be fully protected, according to Michael Carr, head of risk engineering at Coalition.

While the report categorized auto as “challenging” overall, cyber remains the most problematic, with Aon predicting that rate pressure will continue for at least the first half of 2022.

In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.