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Berenberg considers Beazley a rare opportunity for profitable growth

26th July 2021

Beazley has made strides to convince the market that cyber insurance’s profitable growth can be restored, while also addressing some uncertainty surrounding a potential $50 million in additional COVID-19 losses, according on to a Berenberg report. Beazley confirmed in its H121 results that its $340 million COVID-19 loss estimate for 2020-21 ... Read the full article

Sepio Systems partners with Munich Re on hardware mitigation solution

19th July 2021

Security and safety services firm Sepio Systems has partnered with reinsurer Munich Re as part of the launch of its Hardware Access Control Index (HACx), which aims to help organizations improve hardware security. The company offers a rogue hardware mitigation guarantee as part of its HAC-1 solution, whereby Munich Re insures ... Read the full article

Marsh promotes Desmond to lead UK & Ireland Construction Industry

1st June 2021

Insurance broker Marsh has appointed Andy Desmond as UK & Ireland Construction Industry Leader. In this role, Desmond will support Marsh's construction clients by bringing together the construction sector, technical, placement and risk management specialists from across Marsh UK’s national and London-based specialty businesses. Throughout his 25-year career, he has practiced as ... Read the full article

Singapore surpasses HK as most resilient Asian economy: FM Global

26th May 2021

The 2021 edition of the FM Global Resilience Index shows that Singapore has surpassed Hong Kong as Asia’s most economically resilient country, while the gap between the most and least resilient regions continued to grow. FM Global expressed some concern over this widening divide as economies seek to recover and adapt ... Read the full article

Organisations continue to overlook threats posed by emerging risks: Marsh

25th May 2021

A new report by insurance broker Marsh claims that the majority of large and midsize organisations continue to disregard the rising threat posed by a range of emerging risks, overlooking the impact these could have on their businesses. Based on a global survey of nearly 1,000 organisations, the report picked up ... Read the full article

Activist short seller claims Lemonade has leaked customer data

13th May 2021

Investment firm Muddy Waters Research LLC has claimed that insurtech firm Lemonade has an “unforgivably negligent security flaw” in its website that potentially exposes customer data. In a letter to Lemonade CEO Dan Schreiber, Muddy Waters asserts that major search engines have inadvertently accessed and indexed private data due to a ... Read the full article

Majority of industry participants feel safe returning to offices

10th May 2021

After consulting our substantial network of industry contacts, Reinsurance News found that a majority of respondents currently feel safe returning to an office-based working environment, 14 months on from COVID-19’s elevation to pandemic status by the World Health Organisation. COVID-19’s impact as a highly contagious respiratory disease, compounded early on by ... Read the full article

QOMPLX to acquire Sentar Inc.

15th March 2021

Risk analytics provider QOMPLX has entered into an agreement to acquire cyber-intelligence company, Sentar Inc. Sentar will continue to be led by President Darren Kraabel alongside other key management. Bridget McCaleb will continue in a formal capacity leading integration efforts for Sentar during the transition. Sentar and QOMPLX have already begun to ... Read the full article

Unmodelled nat cats exposing weaknesses of soft market, says GCube

12th March 2021

A new report from GCube has underlined how recent extreme weather events that fall outside of traditionally modelled natural catastrophe definitions have exposed the weaknesses of a ‘soft’ insurance market, particularly in the US. Across both wind and solar, the average nat cat or extreme weather-related loss in the latter half ... Read the full article

QOMPLX to combine with Tailwind Acquisition Corp

2nd March 2021

QOMPLX, a cloud-native leader in risk analytics, has elected to go public via a merger with special purpose acquisition company, Tailwind Acquisition Corp. Once the combination completes, the new company will operate as QOMPLX and plans to list under the symbol of QPLX. The deal reflects an estimated post-transaction equity value ... Read the full article

Beazley’s combined ratio deteriorates to 109% on COVID & ransomware

5th February 2021

Beazley has reported that its combined ratio deteriorated to 109% in 2020 on the back of first-party COVID-19 losses and elevated ransomware reserves, as the firm announces a loss before tax of $50.4 million for the year. The more than $50 million loss for the period compares with profit before tax ... Read the full article

Pandemic-related risks front and centre for corporates in 2021: Allianz

20th January 2021

The 10th annual Allianz Risk Barometer reveals that exposures related to the ongoing COVID-19 pandemic are considered the top business risks in 2021, with business interruption (BI) taking the top spot for the eighth time. A significant 41% of responses see BI as the top risk to business in 2021, followed ... Read the full article

Beazley reports increase in ransomware severity, cost

24th December 2020

Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article

Beazley expands insurance products in Latin America

11th November 2020

Specialist insurer Beazley has announced that it has expanded its insurance products in Latin America with a suite of commercial reinsurance solutions. Beazley’s healthcare liability offering is available in Chile and Colombia with products designed specifically for these markets by a global team of underwriters. Included is Beazley Virtual Care, a policy ... Read the full article

Carnegie-Brown calls for government intervention on COVID cover

26th October 2020

Bruce Carnegie-Brown, Chairman of insurance and re/insurance marketplace Lloyd’s of London, has voiced his support for a government initiative that would provide a backstop for pandemics, as well as other forms of systemic risks. Speaking in an interview with the Telegraph, Carnegie-Brown explained how COVID-19 has shown that pandemic risk is ... Read the full article