Hannover Re launches parametric cat bond for cloud outage accumulation riskHannover Re has partnered with cyber MGA Parametrix to launch a first-of-its-kind catastrophe bond that securitises cloud outage risk to provide the reinsurance giant with incremental retrocession protection.
Coalition’s carrier now offering admitted cyber coverage US-wideCoalition’s wholly-owned monoline insurance carrier is now offering admitted cyber coverage across the entire US, with the platform having taken a year to take the product nationwide.
Envelop praises Lloyd’s as it targets close to $300mn cyber reinsurance GWP in 2024Bermuda-UK cyber MGA and modelling firm Envelop Risk has praised the Lloyd’s market as a “recognised centre of expertise” following the launch of its special purpose arrangement, Envelop SPA 1925, with Apollo Managing Agency last month.
MGA Nirvana names García–Beltrán European head of cyberSpecialty MGA Nirvana has appointed cyber veteran Andrea García–Beltrán as head of cyber Europe.
Cyber MGA Corvus expands tech E&O product following Travelers takeoverBoston-based cyber underwriter Corvus has launched an expanded tech errors and omissions product featuring an enhanced appetite backed by Travelers, along with the firm’s risk advisory and claims handling services.
Evolve names Laxner chief underwriting officerCyber specialist Evolve has added Branden Laxner to its ranks as chief underwriting officer, with the new hire joining the MGA following a short stint at Ambridge Group.
Cyber SPA 1925 targets $70mn GWP in debut year but ambitions much greaterMGA and modelling firm Envelop Risk’s special purpose arrangement, Envelop SPA 1925, is on schedule to write $70mn cyber (re)insurance GWP in 2024 after a strong January launch.
Coalition in M&A talks with Envelop Risk for cyber reinsurance entryAmid predictions that 2024 may see a flurry of transactions among cyber MGAs, Allianz-backed Coalition has entered talks with leading reinsurance MGA and modelling firm Envelop Risk, The Insurer can reveal.
HDI Global Specialty takes majority stake in Falcon from Griffin HighlineHDI Global Specialty has taken a majority stake in Falcon Risk Services, buying out founding investor Griffin Highline’s stake, with the firm saying it expects the financial lines and cyber-focused MGA to be “a major growth driver” for it in the US.
K2 hires Beazley’s Hannes to launch cyber MGAK2 Insurance Services has hired Beazley’s US cyber underwriting management head Meghan Hannes as chief underwriting and claims officer for the launch of the new cyber MGA K2 Cyber, marking a major statement of intent by the PE-backed platform, The Insurer can reveal.
Travelers completes ~$435mn Corvus acquisitionTravelers has completed its previously announced $435mn acquisition of cyber MGA Corvus Insurance.
Travelers to acquire cyber MGA Corvus in ~$435mn dealTravelers has agreed to acquire cyber MGA Corvus Insurance in a $435mn deal which is expected to close in the first quarter of 2024.
Onda launches in London to provide cyber insurance to UK SMEsOnda, a new Lloyd’s-backed cyber insurance MGA, has launched in London, led by former Tokio Marine Kiln senior cyber underwriter Alex Jomaa as chief underwriting officer.
USQRisk launches cyber program Pera with Chaucer capacityUSQRisk’s MGA incubator and accelerator unit Desq has launched its first offering, a cyber and blended cyber and technology E&O-focused program targeted at large US-domiciled corporates.
Breach agrees Accelerant capacity deal for new Crypto Shield Pro offeringInsurtech MGA Breach Insurance has agreed a capacity deal with AM Best A- rated Accelerant to support a new program targeted at institutional clients of crypto custody solutions.
MGA start-up Converge hires Ambridge’s Ryan Mimmo as head of cyber underwritingRecently launched SME-focused cyber MGA Converge Insurance has named Ambridge Partners’ Ryan Mimmo head of cyber underwriting, following a July management reshuffle in which chief insurance officer Tom Kang was appointed CEO.
Mulberri launches SMB cyber MGA with paper from Kestrel’s Park NationalAI-driven insurance platform Mulberri has launched a cyber insurance MGA which is aiming to help embedded insurance partners and their small and medium-sized business clients protect against the potential financial hit from cyber attacks.
Cyber insurtech Converge raises $15mn in Series A funding from ForgepointConverge Insurance has secured $15mn in Series A funding from Forgepoint Capital, with the cyber MGA also confirming The Insurer’s reporting last week that Tom Kang has been appointed CEO following the departure of Anthony Dagostino.
Cyber insurtech MGA Converge names Kang CEO as Dagostino exits for Axa XLStart-up cyber MGA Converge’s founding CEO Anthony Dagostino has left the company to take up a senior cyber post with Axa XL, with the Forgepoint Capital-backed insurtech promoting chief insurance officer Tom Kang to be its new chief executive, The Insurer can reveal.
Nexus acquires US cyber MGA EvolveKentro Capital-owned Nexus Underwriting has acquired California-headquartered cyber MGA Evolve Cyber Insurance Services, marking the firm’s expansion into the specialist cyber class of business.