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The regulator examined carriers’ ability to model nat-cat and cyber events, with mixed results.
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Beazley’s bond was hailed as a “great first step” but challenges remain, although others are already working on narrower cloud outage transactions.
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The transaction is the first proportional deal for cyber risk in the capital markets.
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The state is contending with flash flooding, mudslides, rockslides, power outages and high winds.
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Beazley’s $45mn first-time cyber cat bond offered all-perils coverage, though some expected early deals to start with limited scope.
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Landslides, avalanche risks and submerged highways are just some of the extreme consequences of the storms.
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Cedants are grappling with rising rates while coverage narrows.
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The city of Buffalo in New York state was worst impacted, but power was also knocked out in areas stretching from Maine to Seattle.
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Scott Stephenson, former chairman, president and CEO of Verisk, will join CyberCube’s board after participating in the funding round.
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CEO Rob Berkley said the company would likely participate in the space for one to three years if rates remain favorable.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology.