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The cat bond will pay out to Beazley if total claims arising from a cyber attack on its clients surpass $300mn.
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The syndicate will access first excess – and eventually primary – business for US large corporates which typically does not make it to Lloyd’s, the CEO said.
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Companies including Airbus and Michelin have teamed up to pool cyber risk amid capacity constraints in the commercial market.
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The CEO called for the formation of public-private partnerships, akin to those in place for terrorism or earthquakes, to tackle systemic cyber risks.
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James Creasy is leaving the carrier to launch a cyber book with Inigo.
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Alex Jomaa has also worked at CFC and Lothbury UK.
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The cyber specialist joins a company in growth mode, with acquisitions and new offices in London and Europe.
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The move marks a return to the MGA for Bailey, who was one of CFC’s early employees.
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Matthew Webb is a long-standing Hiscox employee, having joined the firm more than 17 years ago.
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The operation will be led by global product VP Mitesh Chauhan, who joined the cyber risk modeling firm from Entrust.
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The MGA plans to build up its presence within the Lloyd’s market.
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Mondelez had filed a $100mn lawsuit against the insurer over payment denial.