Reinsurance News

Your search for “cyber”

Gallagher Re expands cyber reinsurance team in North America

7th September 2022

Global reinsurance broker, Gallagher Re, has appointed Jasper Goring as head of its cyber reinsurance hub in New York amid the creation of a dedicated cyber analytics function and the growth of its specialist team in North America. Goring will lead the broker’s cyber reinsurance specialism to support NA-based clients and ... Read the full article

Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury

5th September 2022

Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article

Coalition launches in UK cyber insurance market

5th September 2022

Insurance brokers across the UK now have access to the cybersecurity tools provided by American insurer Coalition, as it has commenced trading in the country this month. Coalition entered a multi-year capacity agreement with Allianz Global Corporate & Specialty and will distribute its products via brokers. According to the announcement, it will ... Read the full article

Cyber supply chain risk reveals re/insurance market challenges: SCOR

2nd September 2022

In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article

Cowbell Cyber makes senior appointments in Matthew Jones and Sean Park

2nd September 2022

Cowbell Cyber has hired Matthew Jones as its new chief strategy officer, while simultaneously appointing Sean Park to its board of directors. The firm said that Jones is joining the firm from Anthemis, where he was managing director after a stint at Swiss Re. Park, a co-founder and co-CIO of Anthemis ... Read the full article

Zurich recruits Global Cyber Underwriting Manager from Munich Re

2nd September 2022

Switzerland headquartered insurer Zurich Insurance Group has appointed Andreas Schmitt as its new Global Cyber Underwriting Manager. He joins the company from Munich Re, where he most recently served as a Senior Executive Advisor, based in Singapore. Schmitt spent more than 12 years at Munich Re, working across Germany, Australia and Singapore. ... Read the full article

UK cyber market stable, trade credit facing challenges

2nd September 2022

The cyber market in the UK has remained “stable and modestly” favourable in this year’s second quarter, while the Trade Credit market has become more challenging in the same period, according to Aon’s latest Q2 Market Dynamics Outlook: The United Kingdom. According to the re/insurer, the cyber markets’ stable condition has ... Read the full article

UK councils suffering up to 11m cyber attacks a year: Gallagher

1st September 2022

New research from Gallagher suggests that UK councils are suffering a collective 10,000 cyber-attacks each day. The research, originating from a FOIA request from the firm, found that 2.3m attacks had been reported by 161 local authorities. However, Gallagher maintains that the actual number is much higher. It said that scaling ... Read the full article

Reinsurance capacity not keeping up with cyber demand: S&P

31st August 2022

S&P Global Ratings says in a new report that while the demand for cyber risk protection is growing, the capacity for reinsurance in this sector is not keeping the same pace. At the same time, S&P said, the conditions for insurance-linked securities (ILS) investors are improving after several difficult years due ... Read the full article

BRP partners with CyberCube to fuel growth

31st August 2022

Baldwin Risk Partners (BRP) has announced a partnership with cyber risk analytics specialist CyberCube, to power its cyber growth. With the partnership, BRP has gained access to a wide range of products and services including Broking Manager, CyberCube’s consulting service Concierge, and learning platform CyberCube Academy. BRP note that this will enable ... Read the full article

Cyber insurance study suggests businesses lack ransomware insurance

22nd August 2022

A recent BlackBerry Cyber Insurance Coverage study shows that businesses are growing increasingly concerned about how they will meet ransomware demands. Only 19% of those surveyed have ransomware coverage limits above $600,000, while 59% hoped the government would cover damages when future attacks are linked to other nation-states. Shishir Singh, Executive Vice ... Read the full article

Lloyd’s sets out requirements for state-backed cyber-attack exclusions

18th August 2022

In a recent market bulletin, Lloyd’s, the oldest insurance and reinsurance marketplace in the world, has set out requirements for state-backed cyber-attack exclusions in standalone cyber-attack policies. In the report, the market affirmed that they remain strongly supportive of the writing of cyber-attack cover but recognise that cyber-related business continues to ... Read the full article

Cowbell Cyber appoints Julia Cederroth as senior director of reinsurance

17th August 2022

Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs), has appointed Julia Cederroth as senior director of reinsurance. Prior to joining Cowbell, Cederroth served as vice president and cyber treaty broker at Gallagher Re as a member of the Global Treaty Broking team and Cyber Center of Excellence. ... Read the full article

Capacity stabilizing across GB cyber market: WTW

16th August 2022

New analysis from broking firm WTW shows that capacity stabilized for most cyber re/insurance market segments in Great Britain (GB) during Q2, with increased competition noted in some areas as available capital grows. Looking at key developments in the GB market, analysts observed significant changes during the second quarter of 2022, ... Read the full article

“Cyber growth more about rate adjustments than contracts.” – S&P Global Ratings

12th August 2022

The growth in the cyber insurance market is due more to rate adjustments than increases in the volume or size of contracts, says S&P Global Ratings. Despite being the fastest-growing sector, Manuel Adam, analyst at the firm, said that the market dynamic reflects a growing number of (re)insurers' hesitancy to underwrite ... Read the full article