Cyber
Travelers snaps up cyber specialist for $435m
Travelers has agreed to acquire cyber insurance managing general underwriter Corvus Insurance for approximately $435m (£351m).
People Moves: 30 October – 3 November 2023
Keep up to date with the latest insurance personnel moves.
First fall in years as UK commercial pricing slips 1% in Q3
Pricing in the UK commercial insurance market fell by 1% in the third quarter of 2023, ending years of market hardening, research by Marsh has revealed.
Axa UK backs Labour Party pledge to appoint a Minister for Resilience
Axa has welcomed Labour’s commitment to appoint a Minister for Resilience if elected to Government at the next election.
Applied Net 23: Priority number one has been, is, and will be commercial – says Europe CEO Tom Needs
Achieving parity with competitors on commercial panel size, and boosting the Epic broker base to 150 in the UK, are the twin targets for Applied Systems Europe in 2024, CEO Tom Needs has confirmed.
Aviva ramps up cyber push with micro-SME cover from £50
Aviva today launched its Cyber Respond product, imploring brokers to help educate and reduce ‘apathy’ among the massively underinsured micro business community.
Spring CEO Tristan Sargeaunt on how he plans to double GWP in three years
Tristan Sargeaunt, CEO of MGA Spring Insure, has eyes for growth, as the business plans to at least double its gross written premiums from 30m GWP by 2026.
Products: October 2023
Product launches this month include a sustainable business tool, stand-alone cover for SMEs, a latest defects scheme for building warranties, and a landlord product roll out on Applied Systems.
Broker Expo 2023: Value of cyber insurance is the panel – says PIB security chief
The top value in cyber insurance is the panel on offer to clients, ahead of even the payout they might receive, according to PIB group information security officer Jason Ozin.
Broker Expo 2023: Data “armistice” to lead to greater info sharing and better decisions
Sharing data across the industry will help insurers and brokers make more informed decisions for their customers, according to panellists at Broker Expo yesterday.
Resilience ups cyber limits with RSA/Accredited capacity deal
Cyber insurance provider Resilience has expanded its underwriting capacity limits to £10m for insureds in the UK and European Union.
Brokers “front and centre” for Hiscox, says Dye on one-year anniversary
Celebrating his first year as UK CEO of Hiscox, Jon Dye tells Insurance Age about the central role of brokers in the insurer’s growth strategy across its new operating model in high net worth, beefed up regional structure and schemes ambitions.
FCA ready to swoop on ‘outliers’ amid concerns on cyber insurance
The Financial Conduct Authority has warned the cyber insurance market over its concerns on policy wordings.
Profile – Stephanie Ogden, HDI Global: Making a difference
Having progressed from a graduate trainee in Guildford to Allianz branch manager in Scotland, and via Lloyd’s in London to UK & Ireland managing director for HDI Global, Stephanie Ogden is ready to take brokers on the next step of the German-owned…
Cowbell launches SME focused cyber insurance in UK
US cyber expert Cowbell has rolled out its standalone cyber insurance offering to the UK, Cowbell Prime One, aimed at SMEs and mid-market businesses.
Gallagher unveils new retail cyber head Sam Cheshire
Gallagher has appointed Sam Cheshire as head of cyber for its UK & Ireland retail division.
Allianz commits to investing in local structure to support brokers
“The strength of the Allianz commercial business in the UK is without doubt our local, regional capability in those markets and the ability to deliver,” Allianz Holdings CEO Colm Holmes told Insurance Age.
Opinion: From AI to ChatGPT - adapting cover to match the ever-evolving cyber risks
The technology and telecommunications sector is far from immune to cyber attacks, says Mark Armstrong, class manager technology at CNA Hardy, as he explains how the constantly evolving world of technology is attracting the attention of cyber hackers.
MGA bolsters team following resignations amid Ardonagh staff interest
Managing general agent Mercia Underwriting says it has bolstered the team after a number of staff resigned from positions.
HDI recruits new director of underwriting and cyber lead from Chubb
HDI Global has made several senior appointments in its UK & Ireland branch, including a new director of underwriting, Antonia Osborne.
UK commercial hardening drops to 1%
Insurance pricing in the UK commercial market rose by only 1% in the second quarter of 2023, according to Marsh, its lowest rate since Q4 2018.
Graeme Trudgill on taking up the reins at Biba
Graeme Trudgill has committed to fighting strongly for brokers and to getting even more access to the Financial Conduct Authority for members as he takes up the role of CEO of the British Insurance Brokers’ Association.
Clear Group strikes first MGA deal
The Clear Group has acquired a 50% shareholding in Thomond Underwriting based in the Republic of Ireland and Northern Ireland, the broker’s first MGA deal.
Brokers waiting on insurers and tech vendors to demonstrate value of AI and ChatGPT
Brokers are unlikely to actively embrace artificial intelligence and explore the potential of ChatGPT until insurers and technology vendors have demonstrated their value, and none need fear that they will replace them in giving advice.