Cyber specialist Resilience adds Beazley and Axa XL underwritersCyber program manager Resilience has hired Kevin McGowan from Beazley and Mike Shannon from Axa XL as it builds out its underwriting team and geographical footprint.
Beazley buys new $200mn QS contingent facility; Willis Re placedLloyd’s largest insurer Beazley added a $200mn standby quota share to its reinsurance programme at 1 January as well as additional outward cyber coverage.
AmTrust hires cyber specialists ahead of new product launchesAmTrust Financial Services has hired two cyber specialists, joining from M&T Bank and Beazley, ahead of launching a series of new small business-focused solutions later this year.
Ransomware attack severity rises as cost of dealing with events soarsRansomware attacks have continued to increase in severity when compared with 2019, with the total cost of dealing with such events having doubled year on year during the first six months of 2020, according to a report from Beazley.
Beazley extends LatAm healthcare, cyber and D&O reinsurance offeringLondon-listed Beazley has expanded its reinsurance offering in Latin America to provide healthcare liability and standalone medical malpractice cover in Colombia and Chile, as well as cyber and financial lines reinsurance products in Chile.
Beazley launches international cyber & breach response broker portalSpecialist insurer Beazley has launched a cyber and breach response portal to help broker partners and coverholders stay informed on the cyber risk landscape.
Beazley hires four cyber and executive risk underwriters in MidwestBeazley has strengthened its Chicago-based cyber and executive risk (CyEx) division with four new underwriters, who join from Allied World, Hiscox, Zurich and Allianz.
Cyber pricing holding steady despite Covid new business challenges: Beazley’s HortonThe economic downturn so far witnessed in 2020 as a result of the Covid-19 pandemic has had a detrimental impact on the generation of new cyber business, however underwriters are holding the line on pricing, Beazley CEO Andrew Horton has said.
Beazley extends cyber and financial lines coverages to Colombian insuredsBeazley has built out its offering to Colombian insureds by adding new specialist cyber and financial lines coverages for businesses and senior executives based in the Latin American country.
Beazley overhauls cyber and tech business under BantickLondon-listed Beazley has overhauled the underwriting team within its global cyber and tech underwriting unit under the leadership of former London market and international cyber leader Paul Bantick.
Ransomware attacks up 25% in Q1: BeazleyBeazley has warned that Covid-19-related phishing scams will dominate the analysis of the cyber insurance market’s second quarter following a 25 percent rise in ransomware attacks overall in Q1.
Beazley upgraded on a “generational” cyber opportunityInvestment bank Jefferies has upgraded London-listed Beazley to “buy” on the back of the carriers’ “material opportunity” in the cyber market afforded by a sudden surge in the population working from home causing an upticks in risk, pricing and demand.
Beazley replaces cyber head Donovan with GreenwoodBlue-chip insurer Beazley has promoted Bethany Greenwood as global head of cyber and executive risk (CyEx), replacing Mike Donovan who will retire after 15 years with the carrier.
Rising ransomware attacks are top cyber threat: BeazleyBeazley has identified ransomware attacks – which more than doubled in 2019 – as the top cyber threat for businesses, echoing concerns that the coronavirus-enforced move to home working en masse heightens the risk of breaches.
RenRe-structured capital market funds back Beazley cyber cat risksRenaissanceRe and Beazley have launched a product to broaden the blue-chip insurer’s catastrophe cover for cyber events, with the majority of the security to be provided by capital sources structured by RenRe.
Beazley hires from Chubb and AJG for cyber middle market pushBeazley has hired two cyber and technology underwriters in the US, which it said are to meet growing demand from middle market businesses for insurance cover for cyber, data security and privacy exposures.
Beazley introduces cyber cover to marine portfolioLondon carrier Beazley has launched a cyber product to cover loss of hire and physical damage to a vessel in the event of a cyber incident impacting its operational capabilities.
Beazley launches combined cyber and executive risk divisionLondon carrier Beazley has launched a cyber and executive risk division led by its head of cyber and executive risk Mike Donovan.