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Cybersecurity revenue in insurance sector to grow at 10%: GlobalData
10th August 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article
Hudson Insurance appoints Cyber Practice Leader
9th August 2022
Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facility for large accounts, while also overseeing Hudson’s overall cyber portfolio. All in all, Lowe brings 15 ... Read the full article
Safety National hires Steven Anderson as Director of Cyber Underwriting
8th August 2022
Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Steven Anderson as Director of Cyber Underwriting. He will be based out of Safety National’s Dallas, Texas, office. Anderson brings nearly 30 years of industry experience with him towards the role, which includes extensive insight across the ... Read the full article
Spring Insure introduces cyber coverage for SMEs
5th August 2022
Spring Insure, the specialist MGA, has announced the launch of its commercial cyber offering, tailored for SMEs. The company says cyber cover is an addition to the existing product suite of financial institutions and Directors & Officers cover it offers in partnership with Beazley. This cyber product offers protection ... Read the full article
Strict underwriting will dominate cyber market – S&P
1st August 2022
Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article
Acrisure acquires two leading MSPs to expand its cyber services division
22nd July 2022
Acrisure, a fast-growing fintech leader and insurance broking group, has acquired two Managed Service Providers (MSP) within its cyber services division: Catalyst Technology Group and ITS Inc. Based in Indianapolis, Indiana, Catalyst Technology Group offers small-and-medium (S&M) size businesses enterprise-class IT support with a specialty in streamlining processes for better customer ... Read the full article
Rossini and Suckerman take new roles within AXA XL cyber business
20th July 2022
AXA XL’s cyber insurance business has announced the creation of two new roles and several regional underwriting management appointments in the US. Rachel Rossini has assumed a new role as Product Manager for Cyber and Technology E&O. In her new role, Rossini will lead the company’s go-to-market strategy in the US cyber ... Read the full article
“Insurers need to be more active to help cyber sector grow” – Coalition CEO
15th July 2022
Insurers needs to help customers with their cybersecurity if the sector is to grow, said Joshua Motta, CEO and cofounder of Coalition. Speaking at the Marsh McLennan Rising Professionals’ Global Forum in London, Motta said that the insurance market has not excelled on the cyber underwriting front in recent years. He said: ... Read the full article
McGill boosts cyber development strategy with CyberCube products
14th July 2022
CyberCube, a cyber risk analytics firm, has announced that specialist re/insurance broker McGill and Partners, will be using its cyber risk analytics platforms as part of its cyber re/insurance growth strategy. According to the announcement, the broker is using CyberCube’s Portfolio Manager and Broking Manager. Neil Sharma, Partner - Reinsurance at McGill ... Read the full article
“Cyberattacks a great threat to infrastructure and assets” – Lloyd’s
14th July 2022
National infrastructure and privately owned assets are at risk of from significant physical damage resulting from cyberattacks, says a new report from Lloyd’s. As a result, Lloyd’s says that as malicious attacks increase in frequency, cyber represents a key opportunity for insurers to support businesses and societies through the products and ... Read the full article
Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer
12th July 2022
According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released its latest report on the state of the cyber insurance industry, ... Read the full article
Coalition raises $250m in Series F funding to support its cyber insurance solution
8th July 2022
Coalition has announced that it has raised an additional $250 million in Series F funding to accelerate its rapid growth, power international expansion, as well as broaden the services it offers to help organizations manage digital risk. The funding round closed in June, with participation from Allianz X, Valor Equity Partners, ... Read the full article
US commercial rates continue stable rise over Q2, cyber rates increase the most: MarketScout
8th July 2022
Data from MarketScout shows that US commercial P&C insurance rates are stabilising at a combined increase of 5.91% in Q2 2022, virtually matching the rate increases of the previous quarter. However, cyber rates are surging upward, they have increased the most at over 21.3% from more than 19.7% in Q1 2022. In ... Read the full article
Cowbell Cyber partners with Palomar on reinsurance capacity
7th July 2022
Cowbell Cyber, the cyber insurance provider for small and medium-sized enterprises, has announced an agreement with Palomar Excess & Surplus Insurance Company to double the available reinsurance capacity for Cowbell Prime 250, Cowbell's cyber coverage for businesses with up to $250 million in revenue. The agreement brings ... Read the full article
Stand-alone protection for cyber ‘essentially unobtainable’ at economical terms: Gallagher Re
6th July 2022
According to Gallagher Re’s mid-year renewals report, stand-alone risk protection for cyber is essentially unobtainable at economical terms, however some cyber risk protection is still available via composite casualty treaties. The report also highlights how there is a continued appetite on the proportional side for supporting existing programmes as both cyber ... Read the full article
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