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Cyber changing rapidly but still fails to meet definition of insurability: Swiss Re

22nd November 2022

A new study from the Swiss Re Institute says that the insurance industry needs to adopt a new approach to cyber business amidst a changing landscape. The twenty-nine-page report, Cyber Insurance: Strengthening Resilience for the Digital Transformation, says that not only have cyber risk risen alongside geopolitical, economic instability, and reliance ... Read the full article

Russian cyberattacks to cause more insurance disputes: GlobalData

22nd November 2022

A new report from GlobalData says that cyberattacks from Russia could be set to cause more disputes between businesses and insurers following the Zurich-Mondelez case. The firm said in its 2022 UK SME Insurance Survey that 9% of SMEs in the UK that purchased cyber insurance in 2022 said the Russia-Ukraine ... Read the full article

Arch Insurance appoints Sam Bradley as senior cyber underwriter

21st November 2022

Arch Insurance has appointed Sam Bradley to the role of senior cyber underwriter. Bradley will take on the role immediately, be based in London, and is set to report to Marcus Breese, head of cyber and technology E&O. He joins from Willis Towers Watson where he was a senior cyber broker. ... Read the full article

Agilicus and Ridge Canada Cyber Solutions announce partnership

18th November 2022

Agilicus, a cybersecurity company and Ridge Canada Cyber Solutions Inc. (RCCS), a managing general insurance agency, have announced their partnership to assist Canadian small to midsize businesses (SMB) qualify for and obtain cybersecurity insurance. With cyber risks and data breaches on the rise, additionally, the adoption of remote work by many ... Read the full article

Trium Cyber syndicate 1322 approved to underwrite at Lloyd’s

17th November 2022

Trium Cyber syndicate 1322 has been given final approval by Lloyd’s. The third-party managing agent Asta said that the risk carrier had received permission to commence underwriting business on or after 1 January. It said that Trium Cyber plans to write $50m of gross premiums during its first year. All business will ... Read the full article

Cyber MGA Elpha Secure partners with CyberCube to utilise risk analytics tools

15th November 2022

New York-based MGA Elpha Secure has partnered with CyberCube to utilise two of its cyber risk analytics tools as the business grows to create a compelling case to attract capacity from providers operating within the ILS space. Elpha has licensed CyberCube’s Portfolio Manager platform and its Single Point of Failure (SPoF) ... Read the full article

Cyber model evaluation needed as risk horizon evolves: Gallagher Re

11th November 2022

According to a report from re/insurance broker Gallagher Re, cyber models have done well to keep pace with the cyber insurance market in recent years, however, the ever-changing size and scope of the industry means that claims are often of a vector, frequency or magnitude that are still missing from ... Read the full article

Pen Underwriting signs new partnership with Paladin Cyber

10th November 2022

Pen Underwriting has announced a new UK strategic partnership with Paladin Cyber to arm brokers and their clients with cyber risk management tools to tackle cybercrime and reduce the risk of data loss, extortion, and exfiltration. A statement from the firm says that the first phase of the partnership has been ... Read the full article

AXA XL expands Lawyer’s E&O offering with cyber insurance option

9th November 2022

AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article

BOXX Insurance acquires cyber platform Templarbit

9th November 2022

Toronto-based cyber insurance specialist BOXX Insurance has acquired cyber intelligence platform Templarbit. Terms of the deal were not disclosed, but BOXX said it gave the firm ‘additional momentum’ to pursue its vision of ‘making the world a digitally safer place’. With teams in Palo Alto and Los Angeles, Templarbit was founded by ... Read the full article

Apollo and Envelop Risk partner up on cyber reinsurance

8th November 2022

Specialist re/insurer Apollo is going into partnership with Envelop Risk on cyber reinsurance business. Under the partnership, the latter will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account. Matt Newman, active underwriter of Apollo Syndicate 1971, said: “We are committed ... Read the full article

Zurich settles NotPetya cyber lawsuit

7th November 2022

Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article

Risk Strategies suggests cyber insurance market is beginning to stabilise

7th November 2022

According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article

Corvus Insurance announces cyber partnership with Travelers

3rd November 2022

Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with The Travelers Companies, Inc., a provider of personal, business, and specialty insurance, to back its Smart Cyber Insurance offering. According to the announcement, the venture will provide cyber insurance products and services to companies in continental ... Read the full article

CyberCube partners with MGA, Converge to strengthen underwriting ecosystem

2nd November 2022

Converge, a new cyber MGA, has announced that it is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. CyberCube will blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ... Read the full article