Markel launches first-of-its-kind affirmative cyber product for collateral war cover
LONDON, May 13, 2025 /CNW/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today launched an innovative, specialist cyber product to provide up to US$5 million of cover per risk for indirect losses arising from an act of war.
Cyber risks are a significant concern for large organisations, particularly those in sectors including critical infrastructure, technology, finance and energy. Although full-scale cyber warfare events remain relatively rare, state-sponsored and geopolitically motivated cyber threats continue to increase in frequency and severity 1. State-sponsored cyber-attacks accounted for 35% of all breaches in 2024 2, with multinationals often being the targets or suffering collateral damage.
The new product, developed by Markel International's London-based cyber team, provides cyber cover for collateral damage caused by acts of war, in other words losses arising from the indirect impact on an Insured from a war (whether declared or not). Cover for this peril is typically excluded in cyber insurance policies.
The new solution has been developed as a wrap-around product for large corporate clients with existing (Markel or non-Markel) cyber insurance policies. If the insured's existing policy is less restrictive on war (such as Type 4 war exclusions) and this is now moving to a more restrictive war exclusion that is not to the client's preference, then this Markel product could provide the insured with an option to insure some or all of that lost coverage.
Markel has ring-fenced a fixed amount of aggregate limit for this specific product, which it will be offering under its own name, using its own legal and financial backing. It will initially be offering a limit of up to US$5 million per risk.
Chris Burgess, Director of Cyber at Markel International, commented: "With this new product, Markel is responding to the changing needs of our clients. We're conscious that some larger clients still want cyber cover for the indirect impact of war, and this product is a step toward helping provide them with a priced-for insurance policy that explicitly covers this particular risk.
"While we're initially beginning with a low limit, today's announcement is a step in the right direction towards providing a market-wide solution for these highly prevalent risks. We hope that providing clients with this cover will help give them the confidence and assurance that their needs are being heard and responded to."
1 World Economic Forum. Global Cybersecurity Outlook 2025 report. January 2025
2 Bright Defense. Latest Cybercrime Statistics 2025. April 2025.
About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
10 hours ago
- Globe and Mail
If I Could Only Buy and Hold a Single Stock, This Would Be It.
Let's make this clear from the start: I would never recommend owning just one stock for the long haul. A proper nest egg needs some variety, either in a carefully assembled basket of diverse stocks or focused on a broad market-tracking exchange-traded fund (ETF). For the sake of argument, however, I could imagine buying some Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) stock and just letting it roll. The usual suspects aren't diverse enough for this challenge I know, I know. You wanted me to double down on Amazon (NASDAQ: AMZN), whose stock has absolutely crushed the general market in the long run. Or I could have picked Netflix (NASDAQ: NFLX), the media-streaming pioneer that's created most of my wealth so far and that might join the trillion-dollar market cap club in a few years. Perhaps you expected Nvidia (NASDAQ: NVDA), with its unmatched five-year returns and huge long-term future in the artificial intelligence (AI) industry. These stocks sure tick a few of the right boxes, but none of them are as naturally diversified as Berkshire Hathaway. That's really what I'm looking for in a "single stock for all ages." Why my biggest winners don't make the cut I own all three of the suggested Berkshire alternatives above, by the way. Netflix Netflix was an early name in my portfolio, inspired by fellow Fool Rick Munarriz's in-depth analysis of the company in the mid-2000s. When Netflix went through the Qwikster-branded separation of DVD and streaming services, I doubled down on my investment at a fantastic price. That particular Netflix stake has gained 10,350% in less than 14 years. But that's just my favorite play on the future of digital media services. I would never dare to make Netflix my only holding, just in case somebody builds a better media-streaming mousetrap. Amazon I wish I had pounced on Amazon much earlier, like Motley Fool co-founders Tom and David Gardner did. But I dragged my feet, and watched the online bookstore become an e-commerce buffet with a highly profitable side of cloud computing services. My oldest Amazon investment is only up by 430% since January 2017. Still, Amazon only operates in a couple of business sectors. The company (and stock) could be vulnerable to a sudden sea change in cloud computing, possibly led by Microsoft 's (NASDAQ: MSFT) Windows Azure. And how well would Amazon's dominant e-commerce business perform if global rivals such as Alibaba (NYSE: BABA) or MercadoLibre (NASDAQ: MELI) found some traction in the American market? Amazon is not a one-trick pony, but the company should pick up a few more skills before entering this single-stock discussion. Nvidia I'm especially worried about Nvidia's long-term tenacity. The early leader in AI accelerator hardware could very well run into a superior alternative in the next few years. The risk only grows larger if you stretch the timeline out over decades. Rivals like Advanced Micro Devices (NASDAQ: AMD) and Intel (NASDAQ: INTC) control tiny slices of the AI chip opportunity so far, but that could change. The next market-defining AI winner could be some upstart I haven't heard of yet. Moreover, leading cloud computing experts such as Microsoft and Amazon already design AI accelerators of their own, hoping to meet their exact needs at a lower cost. Nvidia's big growth spurt might have a few years left in it. I'm just not convinced that the stock will continue to rise after that. My largest Nvidia purchase has posted a 780% gain since June 2022, but I cashed in on those paper gains and sold most of my Nvidia shares earlier this year. This pony needs to learn a few more tricks, too. Berkshire is the Swiss Army knife of stocks So diversity sets Berkshire apart from the biggest success stories of this era. Sure, Warren Buffett's stock-picking and wealth management expertise deserves tons of respect. But he is also known as a great mentor, and many of Berkshire's top-performing picks in recent years were added by Buffett's lieutenants. I expect the company to continue doing well when the Oracle of Omaha retires at the end of 2025. The stock is kind of like a carefully curated ETF. Berkshire Hathaway owns and operates 68 distinct companies these days. The names range from GEICO car insurance and Duracell batteries to Business Wire information services and the Burlington Northern Santa Fe railroad. Berkshire dabbles in e-commerce (Oriental Trading Company) and clothing (Fruit of the Loom), not to mention home construction (Clayton Homes) and fast food (Dairy Queen). This business list is almost as diverse as the S&P 500 (SNPINDEX: ^GSPC) market index. And that's just Berkshire's in-house brands. The company also owns stock in about 40 public companies. The largest investments include a $60.7 billion stake in Apple (NASDAQ: AAPL), a $45.1 billion position in American Express (NYSE: AXP), and a $28.5 billion holding of Coca-Cola (NYSE: KO). That's consumer electronics, financial services, and beverage distribution. Apple's gigantic presence may look risky, but the danger looks smaller when you also consider Berkshire's epic collection of fully owned businesses. Do you see a theme here? I do, but it's not a single industry. Berkshire is all about diversity, shielding the company and its investors against the temporary ups and downs in any one particular industry. Full disclosure: I don't own Berkshire (yet) I don't actually own any Berkshire Hathaway stock yet. I get my portfolio diversification kicks in other ways, with several dozen hand-picked stocks and a couple of broad index funds serving this purpose. That's arguably a mistake, since Berkshire's stock tends to outperform the S&P 500 in the long run, and I can't compete with the Buffett team's stock-picking skill. So if you're starting a new portfolio today, or just looking for an alternative to the common S&P 500 index funds, you should give Berkshire Hathaway a serious look. It's definitely a safer long-term bet than Nvidia, Netflix, or even Amazon. Should you invest $1,000 in Berkshire Hathaway right now? Before you buy stock in Berkshire Hathaway, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor 's total average return is792% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 2, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. American Express is an advertising partner of Motley Fool Money. Anders Bylund has positions in Alibaba Group, Amazon, Intel, Netflix, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Amazon, Apple, Berkshire Hathaway, Intel, MercadoLibre, Microsoft, Netflix, and Nvidia. The Motley Fool recommends Alibaba Group and recommends the following options: long January 2026 $395 calls on Microsoft, short August 2025 $24 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
Global News
a day ago
- Global News
Canadian, European space agencies reaffirm relations amid political, economic anxiety
Economic and geopolitical turmoil is forcing the Canadian and European space agencies to work together more closely, the organizations' leaders said Friday as they signed a joint statement reaffirming their long-standing collaboration. At the Canadian Space Agency's headquarters south of Montreal, Josef Aschbacher, director general of the European Space Agency, said economic uncertainty and global conflict are pushing Europe's space sector to establish its autonomy — and reassert links with allies. 'If we are aiming to be more … independent, this does not mean that we want to isolate ourselves,' Aschbacher said. 'We want to be strong and autonomous in order to have partnerships with other agencies.' Canada is the European agency's only non-European co-operating state, and as such Canadian companies are granted privileged access to Europe's space market. Lisa Campbell, president of the Canadian Space Agency, said every dollar awarded to Canadian firms generates three dollars in return. Story continues below advertisement Leaders at both organizations signed a joint statement Friday reaffirming the agencies' close ties; Canada has had a deal with the European Space Agency since 1979. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Aschbacher's two-day visit to Canada is the first in a quarter century by a European space chief and included discussions with government and industry leaders. Defence spending is rising across the globe, and the United States is pressuring NATO members to increase their spending on defence, he said. 'We should not forget that defence is tightly linked with space because you do need communication, Earth observation capabilities and many other space technologies in order to work hand in hand.' As well, Aschbacher added that the United States' space agency — NASA — could be facing deep budget cuts. 'You have all seen the budget proposals that have been released as a very first proposal of the White House,' Aschbacher said. 'I can only say this is a work in progress: the budget negotiations are ongoing, but be assured that Europe and the European Space Agency will get out of this stronger, more autonomous, more independent.' Campbell said that in uncertain times it's important to reaffirm relationships with like-minded allies. Canada is a spacefaring nation, she added, from rovers to instruments to robotics that will be in demand around the world in low Earth orbit and in deep space. Canada is already a partner with NASA and ESA in the James Webb Telescope, the world's most powerful telescope. Story continues below advertisement 'We're resilient because we're quite confident that there's going to be a growing need for what we do in low Earth orbit and in deep space,' Campbell said. With a need for independent access to space, nascent launch capability involving commercial firms on the East Coast could come into play, she said. 'It's just a matter of time before Canada is a launching nation as well.'
Globe and Mail
a day ago
- Globe and Mail
Stocks Finish Sharply Higher on a Resilient US Labor Market
The S&P 500 Index ($SPX) (SPY) Friday closed up +1.03%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.99%. June E-mini S&P futures (ESM25) are up +1.04%, and June E-mini Nasdaq futures (NQM25) are up +0.99%. Stock indexes rallied sharply on Friday, with the S&P 500 posting a 3-1/2 month high and the Dow Jones Industrials posting a 3-month high. Stocks settled sharply higher after Friday's better-than-expected US May employment report alleviated concerns of an economic slowdown. Also, the resumption of US-China trade talks gave stocks a boost after President Trump said that US and Chinese negotiators will resume trade talks on Monday in London. Tesla rose more than +3% Friday after plunging -14% on Thursday when President Trump proposed ending government contracts and subsidies for Elon Musk's companies. Shares of Tesla recovered Friday when Musk, who triggered the public feud by criticizing President Trump's tax bill, signaled he's keen to dial down the hostility. US May nonfarm payrolls rose +139,000, stronger than expectations of +126,000, although Apr nonfarm payrolls were revised lower to +147,000 from the previously reported +177,000. The May unemployment rate remained unchanged at 4.2%, right on expectations. US May average hourly earnings rose +0.4% m/m and +3.9% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y. US Apr consumer credit rose +$17.873 billion to a 4-month high, better than expectations of +$10.000 billion. Fed comments on Friday were mixed for stocks and bonds. On the bearish side, Cleveland Fed President Hammack said she'd rather wait for further clarity on the economic impact of a variety of policy changes before adjusting interest rates, and now "is not a good time to be preemptive." Conversely, Philadelphia Fed President Harker favors the Fed waiting before cutting rates and said, "I could see in the second half of the year, if things resolve themselves, and we start to see more clarity, and we continue to see inflation coming down to 2%, I could definitely see a rate cut in the offing." The markets are discounting the chances at 0% for a -25 bp rate cut at the next FOMC meeting on June 17-18. Overseas stock markets on Friday settled higher. The Euro Stoxx 50 closed up +0.36%. China's Shanghai Composite rose to a 2-week high and closed up +0.04%. Japan's Nikkei Stock 225 closed up +0.50%. Interest Rates September 10-year T-notes (ZNU2 5) Friday closed down -28.5 ticks. The 10-year T-note yield rose +11.9 bp to 4.510%. Sep T-notes on Friday gave up an early advance and fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 4.512%. T-notes retreated Friday on the hawkish US May payroll report that showed a larger-than-expected increase in nonfarm payrolls and a larger-than-expected increase in average hourly earnings. T-notes added to their losses Friday on hawkish comments from Cleveland Fed President Hammack, who said she'd rather wait before adjusting interest rates. T-notes on Friday initially posted modest gains on carryover strength from a rally in 10-year German bunds. European government bond yields on Friday were mixed. The 10-year German bund yield fell -0.7 bp to 2.576%. The 10-year UK gilt yield rose +2.8 bp to 4.644%. Eurozone Q1 GDP was revised higher to +0.6% q/q and +1.5% y/, stronger than expectations of +0.4% q/q and +1.2% y/y. Eurozone Apr retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m. German Apr industrial production fell -1.4% m/m, weaker than expectations of -1.0% m/m. ECB Governing Council member Stournaras said, "The bar for another ECB rate cut is high, in July and beyond," and the ECB should pause its interest rate cuts to give officials a chance to assess recent shocks, particularly from trade. Swaps are discounting the chances at 27% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Chip makers moved higher on Friday to boost the broader market. Marvell Technology (MRVL) closed up more than +4%. Also, Analog Devices (ADI), Micron Technology (MU), and ARM Holdings Plc (ARM) closed up more than +2%. In addition, Applied Materials (AMAT), Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), ON Semiconductor (ON), NXP Semiconductors NV (NXPI), Texas Instruments (TXN), and Qualcomm (QCOM) closed up more than +1%. Strength in the Magnificent Seven stocks was a positive factor for the overall market. Alphabet (GOOGL) closed up more than +3%, and (AMZN) closed up more than +2%. Also, Apple (AAPL), Nvidia (NVDA), and Meta Platforms (META) closed up more than +1%. In addition, Microsoft (MSFT) closed up +0.58%. Energy stocks and energy service providers moved higher on Friday after the price of WTI crude rose more than +1% to a 1-1/2 month high. APA Corp (APA) closed up more than +3%. Also, Chevron (CVX), Exxon Mobil (XOM), Haliburton (HAL), Baker Hughes (BKR), ConocoPhillips (COP), Devon Energy (DVN), Diamondback Energy (FANG), and Schlumberger (SLB) closed up more than +2%. Tesla (TSLA) closed up more than +3% after CEO Musk signaled he would cool tensions with President Trump following Thursday's dispute that sank Tesla stock by more than -14% when Musk called for Trump's impeachment and President Trump proposed ending government contracts and subsidies for Elon Musk's companies. QXO Inc (QXO) closed up more than +13% after Wolfe Research initiated coverage on the stock with a recommendation of outperform and a price target of $44. Quanex Building Products (NX) closed up more than +10% after reporting Q2 net sales of $452.5 million, stronger than the consensus of $439.3 million. Sarepta Therapeutics (SRPT) closed up more than +9% after Scotiabank upgraded the stock to sector outperform from sector perform with a price target of $80. Lululemon Athletica (LULU) closed down more than -19% to lead losers in the S&P 500 and Nasdaq 100 after cutting its full-year EPS estimate to $14.58-$14.78 from a previous estimate of $14.95-$15.15. Docusign (DOCU) closed down more than -18% after reporting Q1 billings of $739.6 million, below the consensus of $746.4 billion, and cutting its full-year billings forecast to $3.29 billion-$3.34 billion from a previous forecast of $3.30 billion-$3.35 billion, weaker than the consensus of $3.32 billion. Vera Therapeutics (VERA) closed down more than -25% after Japanese rival Otsuka gave results from a trial of its experimental therapy for kidney disease that was better than Vera's data. ServiceTitan (TTAN) closed down more than -6% after reporting a Q1 loss per share of -51 cents, a wider loss than the consensus of -37 cents. Mosaic (MOS) closed down more than -4% after cutting its Q2 phosphates sales volume forecast to 1.5 million to 1.6 million tons from a previous forecast of 1.7 million to 1.9 million tons, well below the consensus of 1.84 million tons. Broadcom (AVGO) closed down more than -4% despite reporting better-than-expected Q2 earnings after analysts' said its future forecast isn't seen as strong enough to extend the stock's recent strength. MercadoLibre (MELI) closed down more than -3% after Citigroup opened a 30-day downside catalyst watch on the stock, citing the potential risk the company is taking to improve pricing and preserve market share. Earnings Reports (6/9/2025) Borr Drilling Ltd (BORR), Calavo Growers Inc (CVGW), Casey's General Stores Inc (CASY), Gencor Industries Inc (GENC), Graham Corp (GHM), Hooker Furnishings Corp (HOFT), Limoneira Co (LMNR), NexPoint Diversified Real Estate Trust (NXDT).
