Coverage of the Cover Holders and Risk Takers-Exchange Conferences
John Bennis, president, MGA Systems, said many Insurers and MGAs are turning to portals and automation to boost sales and cut expenses.
Allen and Bintou Chatterton of Chatterton Insurance said syndicates have become more open to developing business relationships outside of the London market, even with smaller agencies.
Brokers at the third annual CHART-Exchange conference, held in Baltimore, said they rely on the London insurance market to provide coverages for risks deemed too specialized or challenging for standard insurers.
Mark Rattner, executive vice president and chief underwriter, Fortegra, said filing miscellaneous errors & omissions coverage is more difficult than developing for specific professionals such as accountants or architects.
Jonathan Swann, director, CFC Underwriting, said early cyber claims largely focused on breach, but 75% of today's claims are for ransomware and phishing incidents, making it more akin to crime coverage.
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