Reinsurance News
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Beazley sponsors debut two cat bonds in tandem, one cyber one nat cat
22nd November 2023
Specialist insurer Beazley is tapping the capital markets for reinsurance protection against cyber risks and named storm and earthquake losses with its first two Rule 144a catastrophe bond transactions. After sponsoring three private cyber cat bonds earlier this year, London headquartered Beazley has returned with its debut full 144a issuances, both ... Read the full article
Cyber attack/data breach top business risk in Asia Pacific: Aon
22nd November 2023
Global professional services firm Aon has unveiled its 2023 Global Risk Management Survey results, highlighting cyber attack/data breach as the top concern for organisations in the Asia Pacific region. Aon CEO, Greg Case, emphasised the heightened awareness of interconnected risks and people challenges, citing the dynamic landscape of trade, technology, weather, ... Read the full article
Geneva Association emphasises need for partnerships to address cyber insurance gaps
16th November 2023
The Geneva Association has released a report warning that the increasing frequency of cyberattacks, coupled with geopolitical tensions, is exposing significant gaps in cyber insurance coverage. The report reveals a 38% surge in cyberattacks globally in 2022 compared to the previous year, underscoring the need for innovative solutions to address the ... Read the full article
Howden names Jean Bayon de La Tour as International Head of Cyber
16th November 2023
In a strategic move to bolster its position in the face of escalating cyber threats, Howden, the global insurance group, has appointed Jean Bayon de La Tour as the International Head of Cyber, effective immediately. This appointment marks a significant milestone in Howden's initiative to attract top-tier broking talent, aligning with ... Read the full article
Cyber insurance market attractive despite ransomware uptick: JP Morgan
13th November 2023
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an "attractive area with strong profitability and good exposure growth potential in the coming years." Citing data released by Aon, JP Morgan said that ransomware attacks picked up 176% in ... Read the full article
Aspen Insurance promotes Edward Hart to International Head of Cyber
10th November 2023
Aspen Insurance, a provider of specialty re/insurance products, has announced the appointment of Edward Hart to the role of International Head of Cyber. Hart brings to his new role 10 years of cyber underwriting experience. Based in London, he will be responsible for advancing the International Cyber team, its underwriting strategy ... Read the full article
Arch Australia launches new cyber practice with senior appointment
9th November 2023
Arch Insurance Australia has established a new cyber insurance practice, naming Rachel Green as National Cyber Underwriting Manager for Australia and the Pacific region, effective immediately. According to Arch, the cyber practice will offer excess and primary insurance products spanning cyber, IT liability, and cyber property, "providing comprehensive solutions to brokers ... Read the full article
Stable cyber insurance pricing, rising casualty rates in Europe’s insurance market: Marsh
7th November 2023
In the latest Marsh Global insurance market index report for Europe, property insurance pricing saw a 7% increase, slightly down from the prior quarter's 8%. The rise was attributed to the impact of catastrophic events and secondary perils like floods, storms, wildfires, and hail. Insurers adjusted their exposures, line sizes, and increased ... Read the full article
Trium Cyber names Signorelli Managing Director of International operations
6th November 2023
Lloyd's cyber insurance specialist, Trium Cyber, has appointed Mauro Signorelli as Managing Director of International operations. In his new position, Signorelli will be responsible for leading and growing Trium’s International operations. He will report to Chief Executive Officer Josh Ladeau, and work alongside Amie Watson, Trium’s Chief Underwriting Officer for ... Read the full article
Coalition launches Active Cyber Insurance in Australia
6th November 2023
Coalition has introduced its suite of Active Cyber Insurance products in Australia. This insurance offering is designed to go beyond risk transfer, actively assisting organisations in understanding their cyber risk profiles, enhancing their cybersecurity defenses, and proactively preventing future cyberattacks, the company said. In recent years, Australia has witnessed numerous high-profile cyber ... Read the full article
Many SMEs are being left with a gap in coverage for cyber insurance: Cowbell’s Cooksley
3rd November 2023
With the insurability gap within the small and medium-sized enterprise (SME) market continuing to grow as cyber attacks and the digitisation of work processes increase, one key issue that surrounds this, is that the cyber insurance products offered do not always match up with the financial losses that businesses may ... Read the full article
Ian Summerfield named Pen Underwriting Head of Cyber
1st November 2023
Pen Underwriting, a multi-class, multi-territory managing general agent (MGA), has appointed Ian Summerfield as Head of Cyber, effective January 1, 2024. Summerfield was promoted from his current role as Commercial Director of Pen’s Hazardous Goods & Environmental Industries niche within its Specialty division. His new position, will see Ian take on the ... Read the full article
Cyber insurance pricing decreases for first time since 2018: Marsh
1st November 2023
Globally, cyber insurance pricing decreased by 2% in Q3 of 2023, compared to a 1% increase in Q2, marking this as the first quarter to record an average decrease since the second half of 2018, according to insurance broker and risk advisor Marsh, a business of Marsh McLennan. More broadly, Marsh's ... Read the full article
Toa Re Europe licenses CyberCube’s Portfolio Manager platform
1st November 2023
Toa Re Europe has licensed CyberCube's Portfolio Manager platform, in a move that is set to support its cyber book, and play a pivotal role towards achieving best practice risk management solutions. According to the announcement, Toa Re Europe will utilize CyberCube’s Portfolio Manager to enable data-driven risk transfer solutions. The software from ... Read the full article
Trium Cyber appoints John Jankowski as CIO
1st November 2023
Lloyd's cyber insurance specialist, Trium Cyber, has appointed Aspen Insurance's John Jankowski as its Chief Information Officer (CIO). Jankowski has spent much of his career with Aspen, most recently as Head of IT Strategy and IT Change. During his time with the firm, Jankowski has held multiple roles in IT, Program Operations, ... Read the full article