Reinsurance News
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Cowbell launches 24/7 policyholder guide service
6th March 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of Cowbell 365, an around-the-clock service that offers policyholders support for risk improvement and incident response. The new service will provide 24-hour availability, 365 days of the year. Theresa Le, chief claims officer at Cowbell, commented on ... Read the full article
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... Read the full article
Our journey with clients is all about meeting them where they are: Resilience’s Bryant
15th February 2023
In an Interview with Reinsurance News, Kyle Bryant, Chief Underwriting Officer at cyber risk solutions firm, Resilience, discussed the implications of a lack of reinsurance appetite for cyber risk, alongside how the firm is handling the current challenges in the market. When answering a question regarding the challenges that a lack ... Read the full article
Munich Re and CloudCover announce partnership
31st January 2023
CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re. With ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted. CEO ... Read the full article
Actuaries Institute warns of plausible futures involving recession
30th December 2022
In its Green Paper, the Actuaries Institute has identified plausible “alternative futures” that would result in the Australian economy diverging significantly from current expectations and perhaps involve a severe recession. Actuary Dr Hugh Miller, who collaborated on the Green Paper with independent economist, Michael Blythe, states, “Scenario analysis delivers large benefits ... Read the full article
Loss of biodiversity seen to impact industry less than other risks: Geneva Association
5th December 2022
A loss of nature and biodiversity is perceived as less of a risk in terms of its impact to the re/insurance industry than other factors within the next five years, says a new report from The Geneva Association. The organisation said that it had spoken with twenty-five firms within the industry ... Read the full article
AGCS report highlights key trends driving marine insurance claims activity
23rd November 2022
A number of factors are leading to ever larger claims for the global shipping industry despite total losses having more than halved over the past decade and seeing a persistent long-term positive safety trend, according to an Allianz report. The Allianz Global Corporate & Specialty (AGCS) industry loss analysis, revealed that ... Read the full article
P&C underwriting results expected to be worst since 2011, says Triple-I
14th November 2022
The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article
Survey finds immediate economic risks prioritised over tech and environment
9th November 2022
G20 business leaders are more focused on short-term economic concerns - like rapid inflation, debt crises, and the cost of living crisis - than on environmental and cyber risks, according to a recent survey. These findings were published in this year’s Executive Opinion Survey, conducted by the World Economic Forum’s Centre ... Read the full article
Risk Strategies warns of capacity shortage at 1/1
2nd November 2022
A new State of the Market Report by specialty insurance brokerage and risk management firm, Risk Strategies, has warned clients to settle their re/insurance negotiations as early as possible, ahead of an anticipated shortage of capacity at the upcoming January renewals. CEO John Mina noted that businesses face an uncertain economic ... Read the full article
E+S Rück predicts ‘significant’ improvements in P&C reinsurance risk-adjusted prices and conditions
24th October 2022
Hannover Re subsidiary E+S Rück has said it expects significant improvements in risk-adjusted prices and conditions in property and casualty reinsurance on the back of continued heavy claims expenditure and soaring inflation. Dr. Michael Pickel, chief executive officer of E+S Rück, said: "Both insurers and reinsurers alike find themselves facing a ... Read the full article
Elpha Secure raises $20m in Series A funding led by Canapi Ventures
7th October 2022
Elpha Secure Technologies has completed a $20m Series A funding round led by Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners. Elpha Secure provides a cyber protection solution for small and midsize businesses that marries ... Read the full article
Technological advancements and talent driving MGA growth: AM Best
26th September 2022
A new report from AM Best highlights that premium growth attributable to managing general agents (MGAs) has increased significantly over the last decade. Fuelled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a more prominent role with insurers when it comes to addressing more specialized coverage needs. Both experience and ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
CFC expands into North America and Australia
27th July 2022
CFC, the specialist insurance provider, has expanded its cyber threat analysis capability into North America and Australia. The company’s cyber threat analysis focuses solely on identifying new cyber threats and working with cyber customers to prevent attacks before they happen. Roger Francis, Managing Director of CFC Response, said: ... Read the full article