The QualRisk Cyber Insurance Center (QCC) has unveiled the Cyber MGA Periscope, a comprehensive data product that provides continuous monitoring of the cyber managing general agent (MGA) market.
In addition to their underwriting capabilities, MGAs provide valuable services that help mitigate risk, including cyber security platforms, dark web monitoring, and rapid access to incident responders.
However, the current macroeconomic conditions and specific developments within the cyber insurance sector are presenting significant challenges to their performance.
The QCC Cyber MGA Periscope serves as a valuable tool for carriers, brokers, MGAs, and capital providers in the cyber insurance market. It offers both a one-time purchase option and a subscription service with updates provided semi-annually.
The report covers MGAs in the US, Europe, and the Asia-Pacific region, providing a comprehensive overview of historical, current, and projected trends in the Cyber MGA market. It includes detailed data on the business strategies and firmographics of 34 MGAs, recent financing and M&A activities, and valuations.
Additionally, the report features in-depth profiles of the top 16 MGAs, detailing their strategies, capacity provision, partnerships in cyber security, and financial information. It also offers intelligence on the approaches of legacy carriers and reinsurers towards MGAs, highlighting the various strategies adopted by established insurers in engaging with cyber MGAs.
Daniel Kasper (pictured above), CEO of QCC, noted that MGAs have been integral to the cyber insurance value chain, contributing significantly to premium growth in the past few years.
“However, our Cyber MGA Periscope report reveals that the cyber MGA market has today reached a pivotal crossroad,” Kasper said. “While profiting from the steep cyber insurance rate increases prior to 2023, the recent interest rate increases, plummeting insurtech investments and a second surge of ransomware in addition to the CrowdStrike incident are putting many MGAs under pressure to secure funding and capacity at favourable terms.”
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