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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. -
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.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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In a discussion at Trading Risk’s London ILS 2023 conference, panellists compared the current cyber ILS market to the cat market in the 1990s.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
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Fort Lauderdale Hollywood airport was forced to close as a result of the flooding caused by the 25 inches of rain that fell on Wednesday and Thursday.
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Lloyd’s has launched a fund on its new investment platform to enable the market to invest globally in assets themed around climate adaptation, mitigation and social inclusion.
