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Speaking to Insurance Business about the decision, Ken Norgrove (pictured), CEO of RSA Insurance Group, emphasised that it felt like the right moment. “The purpose of the organisation we define as helping people, businesses and society prosper in good times,” he said. “It’s what we do at the heart of our business. And because we have such alignment with Intact as well, from a values perspective, four years into the Intact integration, it just felt like the perfect timing to rebrand both RSA and NIG into Intact… leading with that service proposition and deep technical expertise.”

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For future steps, Barrett believes that claims coordination is an area of focus. “Especially in cyber, when several carriers are involved, there can be a multitude of lawyers, forensic accountants, and other vendors,” he said. “This can slow down claim settlements and add cost…having a coordinated claims voice from the outset, the process can be streamlined and the ultimate customer experience can be improved.”

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Established in 1974, MECO underwrites marine risks for a global client base, including operators in shipping, commodities trading, and logistics. The MGA reported US$63 million in gross written premiums for the 2024 financial year. Its offerings are delivered through three primary underwriting platforms – The Charterers P&I Club, Transmarine, and Aurora P&I – as well as True North, its in-house legal services affiliate.

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“That’s not something we can accept, forcing developers to find coverage elsewhere, often in a different market. We are seeing more engagement between lenders, insurance advisors, brokers, and developers to ensure that policies are bankable from the start. This needs to happen early in the process, ideally before construction insurance is finalised,” Luciano added.

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“Combining Ageas’s scale, financial strength, and excellent broker relationships with esure’s strong retail brands, market-leading data capabilities, and strength on PCWs, alongside a shared technology platform, will enhance our combined ability to invest in our customer proposition and open up new opportunities for growth,” he said.

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Where does the cyber market go next?

As to where the cyber market goes next, Dagdelen emphasised the challenge facing the sector amid the rapid evolution of technology, and the increasing role AI is playing on both the defence and attack side of the cyber risk equation. With attacks becoming cheaper, more scalable, more personalised and more automated, insurance companies have to think carefully about how they can create cyber solutions built for the long-term, she said, and it all comes back to effective risk assessment.

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“With wildfire risks, property damage may be clear at the claims stage, but parametric insurance also covers costs related to ‘non-physical damage’ such as emergency response, supply chain disruption, and denial of access,” said Gethin Jones, co-founder and executive director at Skyline Partners. “To do that effectively, the product structure and defined triggers need the appropriate level of precision for the risks that are being covered. Satellite data can therefore be a great tool for settlement triggers.

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Topping the table with impeccable scores of 100 out of 100 are Arma Karma, ETA Insurance, and Zixty. These providers, each of which has achieved full Ethical Accreditation, demonstrate exemplary performance across environmental responsibility, investment ethics, and treatment of people. Their commitment to eschewing fossil fuel finance, supporting climate-positive initiatives, and avoiding political donations distinguishes them as gold standards in a sector often marred by opacity.

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To facilitate this increased interaction, the team plans to leverage a variety of initiatives, including face-to-face meetings, specialised training sessions, and even hosting “speed-dating” style events with brokers, which will provide opportunity for quick, focussed, one on one conversations.  

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“And the attacks are only going to get more sophisticated. So, this is creating a new protection gap because technology is creating a whole new set of risks that nobody has figured out how to protect against yet.” The insurance solutions required to mitigate these risks are an opportunity for those providers able to think innovatively and move fast, but, as it stands, he said, there are probably relatively few, if any, businesses or individuals out there who feel 100% protected from cyber risk.

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