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The founding members include Munich Re, Gallagher Re, and BitSight. -
The carrier describes reinsurers’ current strategy of dealing with cyber policies as "a game of whack-a-mole"
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The broker studied the impact of 14 major cyber events in its attempt to dispel ILS manager fears of a ‘double whammy’ cyber event that would also impact financial markets.
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A total of 10 events caused more than $1bn in losses each.
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Tornados in the first six months of the year in the US were slightly above the 27-year average.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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The cyber MGA can now serve clients in Italy, Spain, Ireland, Sweden and Denmark.
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A Guy Carpenter report recently noted that risk models are converging for the most remote risk levels.
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The broker named Matthew McCabe as MD of cyber broking with a brief to tackle complex cyber issues.
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New language has been introduced by some insurers to limit exposures to cyber risks.
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Analysis showed a modelled loss range of between $15.6bn and $33.4bn for a 1:200-year global loss event.
