CRC integrates INSUREtrust into wholesale brokerage divisionWholesaler CRC Group has formed a Christiaan Durdaller-led cyber practice group by integrating INSUREtrust, formerly housed in its Starwind division, into its wholesale brokerage division.
Coalition enters long-term US capacity agreement with AspenCoalition has entered a new multi-year agreement with Aspen Specialty Insurance Company to deploy cyber insurance capacity in the US, expanding the insurtech’s existing relationship with the Bermudian carrier.
RT Connector adds cyber with other ML and commercial auto in the worksRT Specialty has added cyber liability to its proprietary digital platform RT Connector, with other management liability products, along with commercial auto, set to join the offering in the coming months.
Upland adds Indigo and Validus staff to spearhead PL E&O and excess cyber movesUpland Capital Group has hired a Kate Walas-led team from Indigo Specialty Underwriters to spearhead the E&S carrier’s entry into the professional liability E&O sector and also recruited a pair of Validus Specialty staff to lead its push into the excess cyber liability segment.
CRC REDY: E&S property pricing cools in Q4 as excess/umbrella heats upE&S property rate increases slowed in the fourth quarter of 2023, but upwards pricing in excess and umbrella picked up amid a renewed effort from carriers to push for rate in response to concerns about loss cost trends, according to the latest REDY indices from wholesaler CRC Group.
Reflections on the MOVEit cyber attackLast May, the massive MOVEit cyber attack was discovered. To date, over 60 million individuals and more than 1,000 businesses have been impacted, leading to a surge of claim notices.
RT Connector readies to add cyber and commercial auto to platformRT Connector - RT Specialty’s digital marketplace for micro commercial business – is adding further offerings to its product suite with the platform poised to launch cyber liability and commercial auto coverages in the next few months.
Surplus lines share of US cyber market surges to 57%The surplus lines market’s share of US cyber direct written premium jumped to 57.4 percent in 2022, AM Best has highlighted, with E&S carriers filling coverage gaps as admitted insurers have grown wary about exposures.
Insurtech At-Bay begins issuing policies on its own E&S paperSan Francisco-based cyber insurtech At-Bay has become operational as a full-stack E&S carrier having started to issue policies on its own paper as of this week.
Early communication is key to cyber business interruption claimsBusiness interruption caused by cyber risks can escalate quickly. The faster a policyholder can contact their insurer and mobilise their assistance, the better the policyholder can help protect their organisation and reputation.
Gallagher: Property flows into E&S market “have grown significantly” in H1Two distinct markets have emerged in the US with extremely challenging conditions for property in contrast to stability for most casualty and liability lines, according to Gallagher, with the broker also highlighting a growth in property business flows to the E&S market that is “threatening to overwhelm” carriers.
Embroker launches new excess tech E&O cyber productSan Francisco-headquartered insurtech intermediary Embroker has unveiled a new digital excess tech errors and omissions product offering limits of up to $5mn.
Amwins set for PL product rollout on digital portal as cyber gains tractionAmwins is ramping up its SME Professional Lines Portal after gaining significant traction with a cyber offering that is supported by 11 carriers and MGAs and provides a seamless digital quote-to-bind service for its retailers allowing price comparisons between the markets in minutes, E&S Insurer can reveal.
Q1 results commentary suggests E&S market remains “very strong”First quarter results gave mixed signals about sequential quarterly wholesale organic growth momentum for those brokers that provide figures, but executives remained bullish on the sector in their commentary.
Cyber insurtech At-Bay’s new E&S carrier gets A- AM Best ratingAM Best has assigned a financial strength rating of A- and a long-term issuer credit rating of “a-” to At-Bay Specialty Insurance Company, which was acquired by cyber insurtech At-Bay so it could transition to a full-stack carrier.
CRC cyber broking unit INSUREtrust adds Marsh’s Levy as EVPINSUREtrust, a cyber specialty broker within CRC’s Starwind Specialty division, has hired Florence Levy from Marsh as executive vice president.
Lack of data raises concern around how to define emerging risks: RPC’s MansfieldA lack of data for new and emerging risks as we move into the fourth industrial age will make it increasingly difficult to price and understand future exposures, RPC partner Peter Mansfield has warned.
CRC REDY: E&S property pricing rehardens in November and DecemberAnecdotal evidence of a meaningful acceleration in E&S property pricing increases through the last couple of months of 2022 has been proven out in the latest REDY Index data from broker CRC Group, with the firm warning adjustments to terms and conditions and pricing should accelerate through 2023.
RPS: Cyber carriers taking increasingly divergent approachesCyber carriers this year are using “vastly different” tactics around rates and security requirements, while lower sublimits and more exclusions are increasingly making their way into policy wordings, according to a new report from wholesaler Risk Placement Services (RPS).
B&W: Cyber and property hard market conditions to continue over next 18 monthsThe cyber, coastal property and commercial property insurance markets are likely to remain hard in the next six to 18 months, according to the latest P&C Market Overview by Burns & Wilcox.