As of 23 October 2017, Novae is now AXIS. Learn more about the transition.

AXIS Links - 2017 round-up

AXIS Links - 2017 round-up

Contents


Overview

Welcome to the 2017 round-up edition of AXIS Links, our newsletter which aims to provide you with team updates plus special features on latest developments, news and events.

As 2017 has come to a close, in this edition of our newsletter we would like to take a look back at a hugely successful 2017, as well as looking at what 2018 has in store. As we say goodbye to Jacqui for a few months, don’t miss our Spotlight section in this edition where we introduce our combined team members following the AXIS acquisition of Novae.

The last few months have been a very exciting time for the Cyber Unit and the long awaited joining of the AXIS family. In joining AXIS, the legacy Novae business has become part of an organisation that is a global leader in specialty insurance and reinsurance and now benefits from the financial strength and resources of a large global carrier. Further, this provides an opportunity for legacy Novae to significantly enhance the services and programs that it offers to its clients and its employees, as well as leverage new distribution relationships and markets.

Looking across the business, the acquisition advances the growth strategy of AXIS’ international insurance business, creating a $2 billion insurer in the London specialty market anchored as a top-10 insurer at Lloyd’s. Based on 2016 actual results, the group overall represents a global specialty (re)insurer with gross written premiums in excess of $6 billion.

The acquisition closed in mid-October and since that time the two companies have been working continuously to integrate their operations. This integration is already well underway within the Cyber team, as we detail later in this newsletter.

We are extremely proud that Dan Trueman has been promoted to Global Head of Cyber here in London. By combining the legacy Novae and legacy AXIS Cyber books into a single global Cyber unit, AXIS now has one of the industry’s strongest Cyber businesses, ranking among the top-3 cyber insurers worldwide.

With the combining of the teams, we are now stronger than ever with one of the most experienced teams in the London Market and we look forward to expanding this in 2018.

Happy New Year,

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InCytes from 2017

Looking back over the past year we have witnessed the success of cyber-attacks that have caused an unprecedented level of impact in both business interruption and breaches of privacy. The world has recognized that cyber is a very real operational risk to governments and businesses. At a strategic level we have seen that no large enterprise is immune and we can expect to see business interruption triggered by cyber as a coverage more and more. Businesses will seek and expect to be insured against this. On a technical level, we have learned that software updates can be an organisation’s saviour but also its enemy in the case of “Not Petya”, and that the assessment of third party vendors is more critical now than it has ever been.

It is because of these trends and lessons learnt that we are well placed to move into the next phase of our research study with Oxford University on Modelling the Cyber Gap and Evaluating the Effectiveness of Critical Security Controls. By innovating and utilizing cutting edge research that sits in line with our modelling and underwriting, we are able to lead the market, provide trust to our insureds, keep cyber insurance at the forefront of every risk manager’s mind and continue on with the formation of our “Centre of Excellence.”

2017 has been a year of exciting growth and capability building. At the beginning of the year we launched our Understanding Cybersecurity & Insurance course.

Novae Links
We have now run over 10 courses in the UK for our brokers and reinsurers; six courses for the Frontier Risks Security Risk Management & Consultants MBA programme at the Cabinet Office, Emergency Planning College and; course in both the USA and Nigeria.

Novae Links
In February we were invited to deliver a crisis management session for 80 plus EMEA Aon brokers at their annual Think Tank event. In the same month, we started our regular monthly column of providing insights for Phish & Ships – a cybersecurity awareness publication for the maritime industry.


Team Highlights for 2017

We received a number of industry awards and nominations in 2017, including:

Awards we won

Cyber Innovation of the Year (Underwriting) - Cyber Workshops

Awards we were nominated for

  • Most Skilled Underwriter: Michael Shen
  • Cyber Underwriting Firm of the Year: Novae
  • Cyber Underwriter of the Year: Dan Trueman, Michael Shen

We have been really humbled but genuinely proud of the recognition our team has received in 2017.

However, more than anything, our highlight of the year and the thing we are most proud of is the fact that we feel we have taken some leadership in the global cyber marketing: pushing the product beyond its traditional focus to deliver value to our clients and our distribution network in education, risk management and best practice.

We are truly thrilled the enlarged AXIS team with its broader experience, global reach and greater capacity will take us even further along that journey in 2018 and beyond.


Spotlight

Following the AXIS acquisition, we are happy to announce that the Cyber team has expanded and welcome Neil Arklie, Akash Bharadia and Delvin Tillett to work alongside us. Keep reading to find out more about their thoughts on the future of Cyber.

Neil Arklie

Neil Arklie
How long have you been in the market?
I have reached the stage of my career where I hesitate to say how many years I’ve been in the market, but only worked for a handful of Companies: Provincial (now part of Axa), Chubb and Swiss Re – AXIS for only a year. Apart from the first 4 years of my career, I have always been a specialist underwriter who enjoys being with clients and brokers who deal with new or evolving risks, I have always loved the passion and creativity that they have for their business. I have covered entertainment/media, technology, life science, and for the last 14 years cyber. Insureds worry about the risks they face- not the product line the insurers have created- so I have always done multi-line coverages.

Why Cyber?
Cyber ticks all the boxes about working with passionate and creative Insured. But in addition it is a major challenge to the “traditional” insurance model, it is systemic, man-made and intangible – all the issues that have challenged the insurance industry. I believe we have just started on the journey to understanding the exposures and offering insurance products that allow our clients to transfer this risk with certainty.

What are your thoughts on the future Cyber team @ AXIS?
The Cyber market is relatively small and I have known the underwriters for a few years, so when it was announced about AXIS buying Novae I knew it would work well. We complement each other in relation to business and product lines, innovative thinking and distribution, to continue our successful growth in this market. I can only see the team go from strength to strength.

Akash Bharadia

Akash Bharadia
How long have you been in the market?
I have been working in IT for 5 years, initially at the NHS and then moved into IT consultancy. I have been at AXIS for just under 4 years now, and in Cyber for the majority of 2017.

Why Cyber?
All the buzz! As we hurtle towards GDPR amidst a news landscape littered with breaches and ransomware, corporations are seeing that one industry-agnostic exploit can bring their whole organisation to its knees.

What are your thoughts on the future Cyber team @ AXIS?
I’m very excited. Efforts to establish the Cyber Centre of Excellence are in full swing, and bringing the bifurcated cyber business models into one structure under Dan Trueman can only be a good thing. There are a lot of best-in-class people in this team, and I’m looking forward to learning something from every single one of them!

Delvin Tillett

Delvin Tillett
How long have you been in the market?
I have been in the insurance market for 15 years, the first 10 years of my career was in claims working for a large Lloyds broker (Heath Lambert) from which I moved to claims adjusting for Lloyds syndicates the last of which being Barbican, where I handled a range of liability claims including cyber. I moved from Barbican into underwriting cyber at Ascent Underwriting with a focus on US primary cyber, technology and media placements. I then joined AXIS in January 2017 to underwrite cyber, media and technology business.

Why Cyber?
Cyber is constantly evolving as a class of business, as threat landscapes change so too does the coverage demands. This makes cyber an exciting and enjoyable class to be involved in as you are constantly learning and developing with the market place.

What are your thoughts on the future Cyber team @ AXIS?
It is a very exciting time to be part of which is now one of the largest cyber teams in the Lloyds market. I think together our knowledge and experience will push the team to be leaders in this ever evolving class of business.


Education

In 2018 we will reduce the number of UK UCS-I courses to six as we expand our curriculum to run more focus groups and launch of the first Managing Cyber Claims Course in Q1 2018. This course is being developed in response to feedback from the many sessions we ran in 2017.

We are also pleased to announce that we will continue our on-going series of Lunch & Learns in 2018, which provide the opportunity to engage in fun and insightful discussions on some of the hottest topics impacting our industry. Please .(JavaScript must be enabled to view this email address) if you are interested in attending any of the sessions below, we hope to see you there!

Upcoming Lunch & Learns

  • 7th February 2018: PGI Consulting “Incident Response and Digital Forensics”. .(JavaScript must be enabled to view this email address).
  • 1st March 2018: Goldfish “Crisis Management” – video link with South African-based company. .(JavaScript must be enabled to view this email address).

Novae Links


Where we’ve been mentioned

November

December

  • Phish & Ships: The Role of the Cybersecurity Officer: Phish & Ships December newsletter contains a column from Sharif emphasising the importance of having someone within an organisation who is responsible and accountable for managing cyber security.
  • Reactions: Emerging Risk: What are the major risks that will impact the global re/insurance industry in 2018? Reactions posed this question to some of the global re/insurance market’s senior figures, including Dan Trueman, who shares his thoughts on the future of Cyber in 2018.

Thank you

All that’s left is to thank you for all of your continued support in 2017, we truly believe 2018 will extremely exciting and look forward to growing with you.

We wish you a happy New Year and success in 2018!


About the Cyber team

You can find out more about the AXIS Cyber team here. If you have a specific request in mind, or a topic you’d like us to discuss in the next edition, please get in touch:
Telephone: 0207 050 9000
Email: .(JavaScript must be enabled to view this email address)