-
The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.
-
The market has undergone substantial multi-year hardening after a surge of painful loss activity.
-
The MGA will offer a £10mn excess line, as well as access to its attack monitoring technology.
-
Reinsurance renewals were more orderly than feared and business plan resubmissions have a positive weighting.
-
Beazley executives spoke of further growth prospects in the class, after its results revealed a 79% combined ratio for its cyber division in 2022.
-
With the new war exclusions starting to take effect from Q4 last year, the executive expects a disorderly few months before the market reaches equilibrium.
-
Erica Kofie and David Warr move up in the cyber team.
-
Structures have been developed that would avoid “excessive capital trapping”.
-
New supply is entering the market after a remediation phase, but waning demand for London capacity is set to create pressure on pricing.
-
Increased appetite to grow in the cyber market is moderating rate momentum after a period of major hardening.
-
Scott Bailey previously spent 12 years at CFC managing the technology and media division.
-
Matthew Silley joins from Axis Capital, where he was cyber portfolio management lead.