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Frequency of ransomware claims jumps 64% YoY, At-Bay

15th May 2024

The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022, according to a new report from At-Bay. The firm ... Read the full article

Aon reports persisting protection gap for intangible assets

15th May 2024

Aon, a global insurance and reinsurance broker, highlights that a significant protection gap persists for intangible assets such as artificial intelligence (AI), cyber, and intellectual property (IP). According to findings from Aon’s recent report, only 19% of intangible assets are insured, whereas its 60% for tangible assets. However, the likelihood of ... Read the full article

McGill names Prasse as Partner in its Financial Lines and Special Risks team

14th May 2024

McGill and Partners has appointed Sidney Prasse as Partner in its Financial Lines and Special Risks team. Prasse has over 6 years of experience in the insurance industry, having joined the firm in February 2023 as an Associate focusing on cyber and E&O. Before joining McGill and Partners, Prasse worked at JLT ... Read the full article

AXA XL Re appoints Ian Sawyer as Head of London Casualty, Reinsurance

14th May 2024

AXA XL Reinsurance has announced the appointment of Ian Sawyer to the newly expanded role of Head of London Casualty, Reinsurance. In his new capacity, Sawyer will be responsible for the US and International Casualty Treaty propositions in London and will spearhead the company’s Cyber Reinsurance offering globally. Marcus Gonzales, Head of ... Read the full article

Aon unveils update to its Pricing Platform software

10th May 2024

Global insurance and reinsurance brokerage Aon has unveiled an update to its Pricing Platform, that is set to bring "enhanced visualisation and automation capabilities to re/insurance underwriters." It has also been confirmed, that the software update has also added new business lines including U.S. Financial lines and Cyber, as well as ... Read the full article

MSIG USA bolsters executive team with new additions

9th May 2024

MSIG USA has announced it is strengthening its executive leadership team with new appointments aimed at reinforcing the company's dedication to the U.S. market, its expansion and innovation. Peter McKenna, CEO of MSIG USA, stated: "These appointments, coupled with the organizational changes we announced earlier this year, underscore MSIG USA's significant ... Read the full article

McGill and Partners names Guy as Partner in its Complex P&C and Construction team

8th May 2024

Insurance and reinsurance broker McGill and Partners has appointed George Guy as Partner within the firm's Complex Property, Casualty and Construction team. Guy joined the organisation in 2019 as an Associate within the firm's Construction team. Before he joined McGill and Partners, Guy worked at JLT, where he gained valuable experience in ... Read the full article

Evolin launches new terrorism facility led by Chaucer

8th May 2024

London market wholesale insurance broker Evolin Broking has launched a new terrorism facility, Assailant Protect, underwritten at Lloyd’s of London and led by global specialty (re)insurance group, Chaucer. As per Evolin, the facility has up to a $500 million limit per policy for terrorism and can include various optional coverages. It ... Read the full article

Mosaic’s move to Manhattan marks advancement in US market growth

3rd May 2024

Mosaic Insurance, a global specialty insurer, has relocated its New York City office to Manhattan to accommodate its expanding business and future ambitions in the US market. The new office is situated on the 42nd floor of One Grand Central Place at 60 East 42nd Street. This move signifies a significant milestone ... Read the full article

AXIS sees sharp rise in net income in Q1, CR sits at 91.1%

2nd May 2024

AXIS Capital Holdings Limited has reported a substantial rise in net income for the first quarter of 2024, as it climbed to $388 million from the $173 million figure that the company posted in the first quarter of 2023. Operating income for Q124 sat at $220 million, compared to operating income ... Read the full article

Cytora partners with driver risk platform SambaSafety

2nd May 2024

Digital risk processing platform Cytora has partnered with driver risk management platform SambaSafety, in a move that is anticipated to enable commercial insurance underwriters to gain deeper insights when assessing the business risks associated with driving safety records. From what we understand, the integration of driving intelligence data from SambaSafety directly ... Read the full article

SiriusPoint reports net income of $90.8m for Q1’24

1st May 2024

Bermuda-domiciled SiriusPoint Ltd., a global specialty re/insurer, has reported Q1 2024 net income of $90.8 million, with core income of $62.4 million, which includes underwriting income of $44.3 million and a combined ratio of 91.4%. The core combined ratio deteriorated from 80.5% in Q1 2023, as did the firm's reported combined ... Read the full article

McGill and Partners names Price-Draper as Partner in its Financial Lines team

30th April 2024

McGill and Partners has appointed Jack Price-Draper as Partner in its Financial Lines team. Price-Draper joined McGill and Partners in 2020 as an Associate in its Financial Lines team focusing on cyber, financial institutions, professional indemnity, and management liability. Before joining the firm, he spent three years working within the Financial Lines ... Read the full article

Q1 2024 sets record for most ransomware attacks in a first quarter: Corvus

30th April 2024

As per a new report from Corvus Insurance, Q1 2024 has set a record for the most global ransomware attacks in a first quarter. According to the data in Corvus' Q1 2024 Ransomware Report, 1,075 leak site ransomware victims were posted on leak sites during the first quarter, despite the disruption ... Read the full article

MS Amlin hires Catherine Healy as Head of Property & Crisis Management Claims

30th April 2024

Lloyd's global insurer and reinsurer MS Amlin has hired Catherine Healy from HDI Global Specialty as Head of Property & Crisis Management Claims. In her new role, Healy assumes responsibility for the management and oversight of claims for commercial property, property binders, transportation, and crisis management. She will be based in London ... Read the full article