Richard Spotswood, Head of Cyber and Technology for Arch Insurance International, talks through the Cyber Risk Appetite for 2021. The transcript is below.
At Arch, we are bullish about the opportunity that the market conditions represent, and we are looking to grow materially in the next two to three years.
We do have a broad appetite across cyber and technology and E&R. We’ll consider F5s, healthcare companies, technology companies, energy, professional service firms, utilities and TMT. Overarching all of that, we’ll look into the right to network security and maturity.
Regarding the changing marketplace this year I think this will be a pivotal year for the cyber market in many ways. Not only have we seen a changed threat landscape, and the most obvious example is frequency and severity of ransomware and clear deterioration in the mean gross loss ratio in the market, we’ve seen a contraction in terms of conditions with non-proportional reinsurance and the direct market looking to more consistently manage line size and more robust risk selection.
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