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Brit partners with Tangram and Costero on Kidnap & Ransom coverage

9th October 2020

Brit Syndicate at Lloyd's has entered into a partnership with MGA Tangram Insurance Services, Inc., and Costero Brokers, Ltd., in order to provide Kidnap & Ransom and Personal Accident coverage through an exclusive facility. The facility is accessible to all Tangram appointed retail brokers in the US, providing up to $50 ... Read the full article

Pandemic overtakes climate change as top market concern: AXA

1st October 2020

The latest Future Risks Report from AXA has found that pandemic and infectious diseases have risen quickly to become the foremost concern of risk management experts and the general public this year. Previously ranked as the eighth most concerning risk in 2019, the global outbreak of COVID-19 has since propelled the ... Read the full article

Beazley’s Lodestone adds Frank Luzsicza as CEO

12th August 2020

Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer. Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council. He will lead Lodestone’s cyber security and breach ... Read the full article

Newly launched Astaara gets investment from West of England P&I Club

17th June 2020

Astaara, a newly launched insurer focusing on cyber threats in the maritime industry, has received a significant investment from the West of England P&I Club. Based in Guernsey, Astaara functions as an integrated insurance services and risk management advisory business, supported by a dedicated analytics capability. Chief Executive Officer (CEO) Robert ... Read the full article

FERMA suggests EU resilience framework for non-physical cat risks

27th May 2020

The Federation of European Risk Management (FERMA) has called on the European Commission to create a resilience framework for catastrophic risks, in an effort to address the shortage of business interruption insurance without physical damage (NDBI). FERMA says its resilience framework would have the flexibility to respond to a range of ... Read the full article

Capsicum Re launches Gh0st, a ransomware modelling solution

26th May 2020

Specialist reinsurance broker Capsicum Re has announced the launch of Gh0st, a dedicated ransomware modelling solution. The proprietary model is designed to help clients and markets quantify diverse and realistic ransomware scenarios and optimise their portfolios. Gh0st allows clients to input all their affirmative cyber policies and extract a picture of exposure ... Read the full article

Mark Watson proposes government reinsurance backstop for pandemic

14th April 2020

Attempts to stimulate the US economy amid the coronavirus (COVID-19) pandemic will not work without the introduction of a government reinsurance backstop for pandemic, according to Mark Watson, founder and principal of Aquila Capital Partners and former CEO of Argo Group. Writing as part of an article in Morning Consult, Watson ... Read the full article

Pool Re completes record £2.4bn retro program

4th March 2020

UK government-backed terrorism reinsurer Pool Re has completed placement of a £2.4 billion retrocession program, its largest to date. Led by Munich Re, the £2.4 billion cover represents a £100 million expansion from its 2018 placement and includes £75 million provided by Pool Re’s terrorism catastrophe bond launched last year. The ... Read the full article

Munich Re-backed At-Bay raises $34mn in Series B round

24th February 2020

At-Bay, a cyber insurance start-up writing policies through Munich Re’s HSB Specialty Insurance Company, has announced a $34 million Series B funding round. Led by Munich Re Ventures and Acrew Capital, the new investment brings At-Bay’s total funding to $51 million. At-Bay offers continuous vulnerability monitoring across the perimeter of each portfolio ... Read the full article

Arceo.ai adds former Twitter exec Mike Convertino as CSO

30th January 2020

Arceo.ai, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article

Insurtech Corvus secures $32mn in venture funding

13th January 2020

Boston-based insurtech firm Corvus has secured $32 million in a Series B round of venture funding, led by Telstra Ventures. As part of the funding arrangement, Marcus Bartram, Partner at Telstra Ventures, will now join Corvus's Board of Directors. The funding round also included participation from Obvious Ventures and existing Corvus investors ... Read the full article

Ransomware incidents up threefold in 2019, as costs escalate: Aon

20th November 2019

Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article

Markel streamlines wholesale team, appoints Hastings to lead

25th October 2019

Specialist insurer Markel International has announced a streamlining of its wholesale business, adding James Hastings as managing director of the unit and splitting into seven divisions. Hastings has been with the firm since 2013, most recently serving as head of the specialty lines division. He will report to president of Markel International ... Read the full article

Lloyd’s, AIR target greater supply chain resilience

10th October 2019

A new framework designed to help both risk managers and insurers close the supply chain risk protection gap has been co-produced by the specialist Lloyd's of London re/insurance marketplace and catastrophe risk modeller, AIR Worldwide. A new report from Lloyd's and AIR Worldwide, Hidden Vulnerabilities in Supply Chain Risk: A quantitative ... Read the full article

NotPetya insured loss could creep 30%+ as tail develops: Johansmeyer, PCS

14th August 2019

The insurance and reinsurance industry loss from the NotPetya cyber-attack has the potential to increase by over 30% as the ongoing development of the event brings the tail into focus, according to Tom Johansmeyer, Co-Head of Property Claim Services (PCS). The NotPetya attack was the first designated cyber catastrophe event under ... Read the full article