McKool Smith principal Michael Miguel was quoted in Law360’s article, “Rising Cybercrime Drives Some Reinsurers Away.” American companies are in need of cybersecurity insurance coverage, while the unpredictable nature of cyber risks have “scared some insurers and reinsurers away.” Michael said, the “pressure on corporate America to secure the cyberinsurance is so great that the imposition of more restrictive exclusions is not going to lessen the market or the appetite to get it. What we're seeing here is there is less money available in the secondary [reinsurance] market. I have many clients that are having severe difficulty in getting policy renewals. Read the article here.
