Contents

  1. Cover
  2. Desk: Ransomware Raises Questions
  3. Contents
  4. Calendar and Executive Changes
  5. Executive Changes and Web Traffic
  6. Executive Changes and Masthead
  7. Insurance Marketing: Internal Branding
  8. At Large: Interactions That Add Value
  9. Issues and Answers
  10. Issues and Answers: A Day at the Breach
  11. Workers Comp Briefing
  12. Cyber Insurance Dilemma
  13. Top 20 US Cyber Insurers
  14. Cyber: Paying Ransom
  15. Cyber: Evolving Ransomware
  16. Cyber: Federal Backstop
  17. Cyber: Dual Regulation
  18. Cyber: Backstop Proposed Rules
  19. Cyber: Ransomware Ruling
  20. Annuity Sales
  21. Annuity Sales: DPW
  22. Annuity Sales: Largest Insurers
  23. Worlds Largest Insurers by NPW
  24. Worlds Largest Insurers by Assets
  25. SPACs: Directors and 0fficers
  26. SPACs: Formation
  27. SPACs: From Merger to Lawsuit
  28. Skyward Specialty Launches IPO
  29. Largest Surety Insurers
  30. Florida Insurance Reforms
  31. Underwriting Loss Control: Power Washing
  32. Cyber Rate Filings
  33. Book Store: CEOs Lead and App Store: Workers Comp
  34. Trending Bests News and Research
  35. Webinars TV and Audio
  36. Credit Rating Actions: Americas Life Health PC
  37. Credit Rating Actions: Americas PC
  38. Credit Rating Actions: Holding Companies
  39. Guide to FSRs
  40. Guide to ICRs
  41. Corporate Changes
  42. In Other News
  43. Insurance Professional Resources
  44. Industry Update: Reinsurance Renewals Could Haunt Carriers
  45. Renewals and Hard Market
  46. Last Word: Art Insurers
  47. Back Cover
 
1 1
Investors Turned
to Annuities in 2022
Page 36
Best’s Rankings:
World’s Largest Insurers
Page 42
Best’s Rankings:
Largest Surety Insurers
Page 52
ISSUES & ANSWERS:
Evolving Cyber Market
Starting on Page 15
AM BEST’S MONTHLY INSURANCE MAGAZINE
February 2023 • Volume 124 • Issue 2
bestsreview.ambest.com

Cyber

Dilemma

Cyberattack victims face tough
questions about insurance coverage
and whether to comply with criminal
actors’ ransom demands. Meanwhile,
the federal government weighs the
merits of a cyber backstop.
Pages 20-35
Best’s Review
’s
Online Archives
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VISIT PHLY.COM/SURETY OR CALL 1.888.321.4713.
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All coverages issued by Philadelphia Indemnity Insurance Company. Philadelphia Insurance Companies is the marketing name for the insurance company subsidiaries of the Philadelphia Consolidated Holding Corp., a Member of the
Tokio Marine Group. Coverage(s) described may not be available in all states and are subject to Underwriting and certain coverage(s) may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate
in state guaranty funds and insureds are therefore not protected by such funds. | © 2023 Philadelphia Consolidating Holding Corp., All Rights Reserved.
https://www.phly.com/surety/
https://www.phly.com/surety/
https://www.phly.com/surety/
tel:18883214713
Ransomware Raises Difficult Questions
February’s
Best’s Review
focuses on ransomware and the growing number
of cyberattacks. Concerns about a catastrophic incident have some in the
industry considering a federal backstop. Other coverage includes a look at
annuities and an exclusive AM Best ranking of the world’s largest insurers.
When Australian health insurer Medibank was
targeted by a ransomware attack in 2022, it faced
a dilemma: Pay the ransom or hold off. There are
no easy answers, as each choice has a downside.
But the questions started even earlier, with
whether to buy cyber coverage.
Cyberattacks also raise questions for insurers
about escalating losses and the ability to pay if
an attack takes down critical infrastructure or
cripples businesses nationwide.
February is Cyberrisk Awareness Month.
Best’s
Review
examines the escalating ransomware
situation and industry discussions around a
federal insurance response in the event of a
catastrophic cyberincident.
“Cyber Dilemma: Insurers Face Evolving
Ransomware, Demands as Attacks Escalate”
explores challenges businesses encounter when
they are victims of these breaches. A June AM Best
report said the cyber insurance market continues
to grow, with direct premiums written up by 75%
in 2021. The report also said ransomware attacks,
aggregation risks and social engineering scams
remain critical challenges for the industry.
The
Best’s Review
feature includes a ranking
of the top 20 U.S. cyber insurers as well as a Q&A
with several cyber executives.
“Industry Sees Need for Federal Cyber Backstop,
but What Model Is Best?” addresses the potential
role of the U.S. government in cyber coverage.
In October, the Federal Insurance Office in
the U.S. Department of the Treasury issued a
request for public comment from the industry
on the recommendation of the U.S. Government
Accountability Office. One question posed by the
FIO is what a government backstop should look
like.
Best’s Review
reports on feedback on this
topic.
The cyber theme continues in the State Rate
feature, with cyber rate filings by overall effect
greater than 40%. The filings were based on an
effective date beginning Dec. 20, 2021.
The February life insurance feature looks at the
annuity sector. In “Annuities Sales Grew Sharply in
2022; Strong Year in 2023 Possible,”
Best’s Review
examines the performance of these products.
Todd Giesing, assistant vice president, LIMRA
Annuity Research, called 2022 a “unique economic
environment.”
“The year 2022 was really a showcase for the
value of annuities,” said Bryan Pinsky, president
of individual retirement at Corebridge Financial.
Now the question is, what’s ahead for 2023?
The February issue includes AM Best’s annual
ranking of the world’s largest insurers, as
measured by assets and by premium, as well as a
ranking of the largest surety insurers.
Note:
Best’s Review
’s online magazine has
moved to a more visual, interactive format, which
can be found at
bestsreview.ambest.com
. The
advantages for our readers include convenience,
access and ease of sharing. For advertisers, the new
format brings their full-color creativity to another
medium, along with additional interactivity such as
web links, email links and more.
This edition marks the start of a new
Best’s
Review
editor, Tom Davis. He can be reached at
tom.davis@ambest.com
.
Patricia Vowinkel
Executive Editor
patricia.vowinkel@ambest.com
BR
What’s Coming Up
In the March issue,
Best’s Review
will cover developments in the global reinsurance
brokerage sector. The April issue will cover new and emerging risks and include a ranking
of the largest Asia-Pacific insurers.
BEST’S REVIEW • FEBRUARY 2023
1
From the Editor’s Desk
mailto:tom.davis@ambest.com
mailto:patricia.vowinkel@ambest.com
https://bestsreview.ambest.com/
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