AM Best's Briefing: With Ransomware Threatening Profitability, How Will Cyber Insurers React?

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FOR IMMEDIATE RELEASE

OLDWICK - JUNE 08, 2021 09:22 AM (EDT)
AM Best has scheduled a briefing on the U.S. cyber insurance market, which is experiencing significant challenges due to an increasingly hazardous risk environment, for Tuesday, June 15, 2021, at 10:00 a.m. (EDT). Sridhar Manyem and Fred Eslami of AM Best will join industry experts to discuss emerging trends in the cyber insurance market. Topics covered will include recent market conditions and profitability; high-profile cyber events; underwriting reactions to ransomware; reinsurance; a hardening pricing environment and aggregation risks.

A recent Best’s Market Segment Report, “Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk,” (http://www3.ambest.com/bestweek/purchase.asp?record_code=309212) stated that AM Best views cyber insurers’ prospects in this market as grim due to the aforementioned issues and apparent shifts in hackers’ motives, punctuated by the recent Colonial Pipeline hack. To view a video on this report with AM Best Senior Industry Analyst Christopher Graham, visit http://www.ambest.com/v.asp?v=ambcyberreport621 .

To attend this complimentary briefing, please register at http://www.ambest.com/webinars/cyberbrief21/index.html .

Panelists include:

• Kelly Castriotta, managing director, global cyber underwriting, Markel;


• Fred Eslami, associate director, AM Best;


• Sridhar Manyem, director, industry research and analytics, AM Best; and


• Catherine Mulligan, global head of cyber, AON.

Attendees can submit questions during registration or by emailing conferenceinformation@ambest.com . The event will be streamed in video and audio formats, and playback will be available to registered viewers shortly after the event.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.