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Weekly News RoundUP – 26th July

Last week’s global IT crash, which was caused by Crowdstrike’s software update, is set to cost US Fortune 500 companies around $5.4 billion, according to cloud monitoring, modelling and insurance provider Parametrix. Bridgehaven have signed a new deal with OneAdvent MGA Criterion to underwrite waste management risks. The FCA reports a drop in the number of whistleblowing reports in the latest quarter.

Crowdstrike outage insured losses to range from $540m to $1.08bn, says Parametrix (Source: Reinsurance News)
With an estimated 8.5 million Windows devices affected last Friday, Parametrix predicts the largest direct financial loss will be “suffered by Fortune 500 companies within the healthcare sector” but that the portion of loss covered by cyber insurance policies will be in the range of 10-20%.

OneAdvent MGA partners with Bridgehaven for capacity deal (Source: Insurance Business Magazine)
OneAdvent has announced a new partnership between one of its MGAs and hybrid fronting insurer Bridgehaven Specialty UK Ltd (Bridgehaven), in a deal that will see the insurer provide A-rated capacity to underwrite waste management and recycling risks.

Verisk estimates Beryl to cost $2 billion to $3 billion (Source: Insurtech Insights)
Hurricane Beryl caused prolonged power outages in Texas and insurers anticipate significant claims “related to additional living expenses and business interruption coverages”. Other claims are expected in Western Louisiana, where floods affected highways and homes, and high winds caused damage to residential and apartment complexes.

FCA data shows fall in whistleblowing reports (Source: Financial Planning Today)
According to data, the number of whistleblowers contacting the regulator fell sharply in the latest quarter. 253 reports were received, compared to 300 in the same period last year.

OneAdvent Q&A: Roberto Murru, Head of Financial Lines, OneAdvent (Source: OneAdvent)
5 years ago, Roberto launched his financial lines MGA with the support of OneAdvent, but what’s he been up to since that momentous day, and how has the historically tough financial lines market changed in that time?