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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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The company’s Las Vegas casinos were hit by a cyberattack last month where employee login details were stolen.
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The MGA has promoted Rehan Hussain to head of underwriting for international and Tom Ryan to head of cyber for UK, Ireland and the Nordics to guide the expansion
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Insurance Insider has analysed premium growth trends across Lloyd's and the company market for 2022.
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Head of underwriting Matthew Waller welcomed an FCA letter that called for policy wordings that are clear and that customers understand the coverage they are buying.
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Bianconi joined Aspen in 2016 and has held a number of roles including, most recently, as head of US cyber.
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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.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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The capacity deal is slated for deals with 10/1 effective dates and beyond.
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The attack came from a hacking group known as Scattered Spider, an affiliate of the ALPHV/BlackCat ransomware gang.
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At the CFC Summit 2023, James Burns said that clearer cyber systemic risk definitions in policies could enable the formation of a "true cyber catastrophe market".
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Based in New York, the executive will report to Axa XL CUO Libby Benet.