Hiscox: Half of US businesses reported a cyberattack in the past year

Insurance Business America | April 24, 2019

Cyberattacks are on the rise in America, if a new report by Hiscox is anything to go by. The “Hiscox Cyber Readiness Report 2019” is Hiscox’s third in the annual report series. To prepare the report, the international specialist insurer surveyed about 5,400 professionals in the US, UK, Germany, Belgium, France, Spain and the Netherlands to assess the cybersecurity preparedness of businesses in those countries; more than 1,000 of those respondents were based in the US. According to the report, 53% of US businesses reported experiencing a cyberattack in the past 12 months, compared to only 38% the year before. Hiscox also noted that 45% of US companies experienced three or more attacks in the last year, and that the mean cost of US cyber incidents was around $119,000. Despite the increase in cybersecurity incidents, however, American companies are not doing enough to mitigate the damage of such risks, the report found.

Spotlight

As 2022 comes to a close, insurance companies are facing significant price losses across their portfolios, particularly within long-duration fixed income. On the horizon are the risks of a global recession, peaking fundamentals, persistent inflation and energy crises, particularly in Europe.

Spotlight

As 2022 comes to a close, insurance companies are facing significant price losses across their portfolios, particularly within long-duration fixed income. On the horizon are the risks of a global recession, peaking fundamentals, persistent inflation and energy crises, particularly in Europe.

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RISK MANAGEMENT,INSURANCE TECHNOLOGY

AF Group Successfully Acquires AmeriTrust Group

AF Group and AmeriTrust Group | January 10, 2023

AF Group, a widely-acclaimed holding company, recently acquired AmeriTrust Group. The acquisition, which was first announced in April 2022 and now received regulatory approval, brings together two world-class, Michigan-based insurance organizations operating in the property and casualty market. Daniel J. Loepp, President and CEO of AF Group's parent company, Blue Cross Blue Shield of Michigan, commented, "Adding a trusted and respected company like AmeriTrust to the Blue Cross Blue Shield of Michigan enterprise is exceptional news for our organization." He further states, "We look forward to the expanded capabilities and talented team AmeriTrust will add to AF Group's industry-leading expertise in the property and casualty space, enabling greater service offerings to agents and customers." (Source: PR Newswire) The acquisition empowers AF Group to provide its customers with a broader range of products and services while solidifying its increasingly powerful position and standing in the market, which has grown tremendously over the last decade. Acknowledged for its financial strength as Ward's 50 company and A.M. Best's ‘A’ (excellent) rating, AF Group is also known for its award-winning people-first culture. "We could not be more pleased to welcome the AmeriTrust team to our organization," expressed Lisa Corless, President and CEO of AF Group. "The work and commitment of AmeriTrust associates has led to a very strong reputation in the industry, and we're excited to add their expertise and capabilities as we broaden our product offerings to the benefit of our partner agents and shared policyholders nationwide," she concluded. (Source: PR Newswire) About AF Group AF Group is a globally-known holding firm headquartered in Lansing (Michigan), whose affiliated insurance brands are premier suppliers of creative, specialist insurance solutions. Owing to the strength of AF Group and its brands, its customers have access to qualified insurance specialists as well as the support needed to keep prices low and workers safe. The dedicated and committed team at AF Group uses industry-leading best practices, analytics, and resources to manage risk and limit loss for its policyholders while growing relationships with its valued independent agent partners. About AmeriTrust Group, Inc. Based in Southfield (Michigan), the company is a highly acclaimed specialty, niche-focused commercial insurance underwriter and provider of insurance administration services in the commercial property and casualty insurance industry. AmeriTrust provides insurance solutions to a variety of trade, industry, professional associations, governmental entities, affinity groups, and independent agents. Carrier activities include six insurance firms that are licensed in all 50 states, both admitted and non-admitted.

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LIFE INSURANCE

Prudential Financial Launches FlexGuard Life, a Next-Generation Life Insurance Product That Goes Beyond Death Benefits

PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022

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CORE INSURANCE,INSURANCE TECHNOLOGY

HSB Adds WhiteHaX® App to Cyber Insurance for Consumers

HSB | December 07, 2022

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