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AI presents opportunities and challenges to the cyber insurance space: Cowbell’s Cooksley
31st October 2023
As AI technology continues to make headwinds across the re/insurance sector, Trent Cooksley, co-founder and Chief Operating Officer of Cowbell Cyber, explains that the technology brings both opportunities and challenges to the cyber insurance space. During a recent interview with Reinsurance News, Cooksley stated that challenge-wise, threat actors are increasingly using ... Read the full article
Businesses access to cyber insurance impacted by employee mistakes and poor security: QBE
20th October 2023
Employee mistakes and poor security are leaving businesses open to cyber-attacks; addressing these issues will allow companies to access full levels of cyber insurance, according to a recent QBE report. QBE’s survey revealed that almost a third of employees (31%) have made mistakes that could impact the cyber security of their ... Read the full article
USQRisk launches cyber insurance MGA called Pera
13th October 2023
USQRisk, an international managing general agent specialising in alternative risk transfer solutions, has introduced a new managing general agent (MGA) called Pera. Pera is set to provide cyber insurance and blended cyber and technology Errors & Omissions (E&O) insurance to large corporate risks domiciled in the United States. This marks the first ... Read the full article
Resilience expands cyber insurance coverage to £10 million
4th October 2023
Resilience, a leading cyber risk solution provider, has announced a significant expansion of its underwriting capacity to offer up to £10 million in cyber insurance coverage for clients across the United Kingdom and European Union. This capacity boost is the result of a strategic partnership with RSA Insurance and R&Q Accredited, ... Read the full article
Coalition partners with HDI Global Specialty to expand cyber insurance in Canada
28th September 2023
Coalition, a pioneering Active Insurance provider focused on preemptively mitigating digital risks, has unveiled a strategic long-term partnership with HDI Global Specialty SE. As the specialty insurance arm of HDI Global SE, a renowned insurer, HDI Global Specialty SE is set to make significant inroads into the Canadian cyber insurance market ... Read the full article
Collaboration key to managing rising cost of cyber insurance: Resilience’s Hussain
28th September 2023
"Managing the rising cost of cyber insurance requires a collaborative approach across the industry... By working together, the industry can create a more resilient and sustainable market," suggests Rehan Hussain, Head of Underwriting in the UK and Europe at cyber risk solution company Resilience. Hussain's comments stem from an interview with ... Read the full article
2022 US Cyber insurance premium surge, but CL0P/MOVEit attack threat looms in 2023: Aon
28th September 2023
The National Association of Insurance Commissioners (NAIC) has reported a remarkable 50% increase in US cyber insurance premiums in 2022, totaling $7.22 billion, according to Aon's U.S. Cyber Market Update. While this growth is notable, the industry's performance also reveals emerging challenges, with the CL0P/MOVEit attack taking center stage as a ... Read the full article
Sompo Intl. hires Chubb’s Jérôme Gossé as Head of Cyber Insurance, Continental Europe
22nd September 2023
Sompo International, a global property & casualty reinsurer, has appointed Jérôme Gossé as Head of Cyber Insurance, Continental Europe. In the role, he will report to Mathieu Borneuf, Head of Professional Lines, Insurance, Continental Europe. Gossé joins the company after a nearly six year tenure at Chubb European Group, ... Read the full article
Cowbell and Zywave partner to expand cyber insurance access for SMEs
14th September 2023
Cowbell, a prominent provider of cyber insurance tailored for small- and medium-sized enterprises (SMEs), has announced a strategic partnership with Zywave, a leading insurtech solutions provider. This groundbreaking collaboration is facilitated by Herald, a digital infrastructure provider connecting software developers to commercial insurance carriers through a unified API. It leverages Cowbell's cutting-edge ... Read the full article
Arch launches proactive cyber insurance solution, Arch CyPro
13th September 2023
Arch Insurance has announced the launch of Arch CyPro, a "pioneering cyber insurance solution designed to proactively safeguard businesses in an environment of rapidly evolving cyber threats." According to the firm, Arch CyPro is powered by the Arch Cyber Risk Engineering Team (ACRE), a specialist cyber team integrated into every stage ... Read the full article
Cyber insurance is yet to evolve to the same levels as property cat: Swiss Re
12th September 2023
During Swiss Re's press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re's Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat line, the reinsurance giant uses models that allows them to understand ... Read the full article
Cowbell continues UK expansion with launch of adaptive cyber insurance programme
6th September 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), is set to further expand its footprint across the UK market with a new senior appointment, as well as the launch of its AI-powered cyber insurance programme. In 2022, 54% of SMEs across the UK experienced some form of ... Read the full article
Cyber insurance market regains profitability, reaching $12bn in annual premiums by 2022: S&P Global
29th August 2023
Following a phase of escalating rates and more stringent terms, the global cyber insurance market has resurged into profitability, with annual premiums reaching around $12 billion by the end of 2022, as reported by S&P Global Ratings. Projections suggest that this growth will persist, with premiums predicted to rise by 25%-30% ... Read the full article
Cowbell becomes an AWS Cyber Insurance Partner
28th July 2023
Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has joined the Amazon Web Services (AWS) Cyber Insurance Partner Initiative. As an AWS Cyber Insurance Partner, Cowbell's solution has been vetted by AWS for its ability to streamline the quoting process using thorough cyber risk assessments that leverage ... Read the full article
QBE North America and MGA Converge launch cyber insurance program
28th July 2023
QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and ConvergeConnect. Each structure will have a distinct revenue focus and cyber ... Read the full article