Howden launches US cyber practice

Howden has launched its US cyber practice and hired a full leadership slate, naming Juliet White (pictured left) head of cyber and Lou Botticelli (pictured right) cyber brokerage leader alongside cyber strategy, service, M&A solutions and claims executives.

The launch comes as market indicators point to a cooling in cyber insurance pricing and growth. Howden’s Global Cyber Insurance Pricing Index shows rates have fallen 27% from mid-2022, and underwriting results generated about $9 billion in underwriting profit from 2022 to 2024, according to the company’s cyber report.

The report also said global cyber premium growth has slowed, with market growth averaging 23% annually prior to 2020. During the 2020-22 hard market, growth was driven by price increases of about 70% annually, pushing total premium growth to 40% while exposures contracted under tighter underwriting. Howden said growth has since cooled to 6% per year, with US premiums broadly flat for the first time.

The firm said the hires complement cyber talent additions already made within Howden US, including Jessica Daehler as cyber growth and strategy leader; Suzane Gladle as cyber client engagement and service leader; David Hau as cyber private equity and M&A solutions leader; and Natalia Santiago as head of cyber claims.

Howden said the team of strategic hires averages more than 20 years of experience in the business, combining underwriting and broking backgrounds. The group will cover cyber insurance functions including strategy, sales, client service, brokerage, product development, claims and cyber risk consulting. The appointments join Howden’s 800-strong US business. The hires also add to its international cyber team, bringing cyber specialists to more than 150 across five continents.

“Our own data shows that cyber protection more than pays for itself, generating a 19% return on investment, making the value proposition of cyber insurance clear: For corporates, as well as providing a financial safety net, cyber insurance also acts as an enabler of improved cyber hygiene, incident response and operational resilience,” said Ron Borys, head of financial lines at Howden US.

According to Mike Parrish, CEO of Howden US, the unit is being built with senior underwriters and experienced brokers, giving clients market intelligence and brokerage execution, and allowing decisions to be made at the client level.

“These hires reflect Howden’s strategy to invest and grow its cyber expertise globally, as we continue to deliver products and services, thought leadership and innovation for our 10,000 clients around the world,” said Shay Simkin, chair of cyber at Howden.

Borys said cyber remains a relatively young product line and described a fluid threat landscape dominated by a series of high-severity ransomware attacks.

“Ron is building the sector’s US cyber A-team. With a unique combination of senior underwriters and experienced brokers, clients get both sides: market intelligence and the best outcomes,” said Parrish.