Cyber Liability Insurance – ACE Introduces $100 Million Global Cyber Facility to Meet Growing Demand
PHILADELPHIA--(BUSINESS WIRE)--As the number of highly publicized cyber attacks has increased in recent years, the demand for cyber security insurance has escalated rapidly, with industry analysts forecasting a growth of 150 percent in the next five years.1 However, large corporations are finding it increasingly difficult to secure the cyber security insurance protection they need. To address this growing need, ACE Group today announced the launch of ACE’s Global Cyber Facility, which goes beyond standard risk transfer by incorporating a comprehensive risk management solution into a single policy purchase.
ACE’s Global Cyber Facility provides up to $100 million of primary capacity. This innovative solution incorporates integrated loss control services provided by industry-leading cyber security experts, a proprietary application process designed to assess an organization’s current risk profile, a specialized policy form, comprehensive claims management, and ongoing, detailed analysis to help organizations detect potential weaknesses that could give rise to future cyber attacks — all within a single policy purchase and backed by the financial strength of ACE’s A++ balance sheet. ACE’s Global Cyber Facility is available to eligible companies worldwide. This solution is the first of its kind in the industry and is exclusive to ACE.
“Boards recognize that cyber insurance is a priority, but they also know that risk transfer isn’t enough. Risk managers are asking for a comprehensive strategy that helps them assess their cyber and data privacy risk, incorporates appropriate loss control services to mitigate losses before they happen, provides access to post breach services to assist them in the event of a breach, and offers higher limits to meet their coverage needs,” said Toby Merrill, Division Senior Vice President, Global Cyber Risk Practice, ACE Group. “ACE i
Stifel analyst Thomas Shrader weighed in on Esperion Therapeutics (NASDAQ: ESPR) following what he called "confusion in the world of LDL lowering drugs" after the ACCELERATE trial for the CETP inhibitor evacetrapib has been stopped for futility by its sponsor Eli Lilly (NYSE: LLY). Shrader said what seems less understood is that "based on this trial’s inclusion and exclusion criteria, this trial involved patients with controlled LDL-C."
He reminds investors that evacetrapib’s promise was predicated on the idea that raising HDL cholesterol was good, so the trial included patients without confounding uncontrolled levels LDL-C. In other words, today's news supports – modestly, via the process of elimination – the LDL hypothesis.
On what the news means for ESPR, Shrader said:
"On one hand, a competitor has failed – possibly due to a flawed trial design and incorrect therapeutic hypothesis (that HDL is the big gun in HRVD). This result also suggests that Merck’s CTEP trial may be more likely to fail (although their trial population may be different).
With respect to the LDL hypothesis – we see this result as modestly positive. HRVD patients as a group are generally considered at risk for more CV trouble (as suggested by the name). If the ACCELERATE population (controlled LDL-C) is not at risk – doesn’t that suggest the risk of the group is carried by the patients with uncontrolled LDL-C? We think that is essentially the LDL-hypothesis. Both the Regeneron and Amgen mini-outcomes trials suggest HRVD patients with high LDL-C are helped by LDL lowering (2,000-4,000 patient trials published in the NEJM last month). We see nothing in today’s news to suggest that these patients will not be helped by ETC-1002 as well."
The firm maintained a Buy rating and $105 price target on ESPR.