Coverage of the Cover Holders and Risk Takers-Exchange Conferences
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 and insurance professionals at the third annual CHART-Exchange conference, held in Baltimore, say syndicates and others in the Lloyd's market are showing an appetite for new types of risks, startups and smaller organizations.
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.
Jason Murgio, CEO, Merger & Acquisition Services, said speciality distributors including managing general agents and managing general underwriters, are actively sought for sales and acquisitions.
John Bennis, president, MGA Systems, said many Insurers and MGAs are turning to portals and automation to boost sales and cut expenses.
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