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Intangic MGA calls for a new approach to managing nation-state cyber attacks
26th May 2023
Intangic MGA has called for a new approach to managing nation-state cyber attacks that moves away from the focus on catastrophic 'Cyber Armageddon' toward the higher frequency events happening every day. According to Intangic, outside of the individuals and entities on the frontline of cyber warfare today, the general perception of ... Read the full article
OdysseyRe names Christopher Shafer as Head of North American Cyber Underwriting
25th May 2023
Odyssey Reinsurance Company (OdysseyRe) has announced the appointment of Christopher Shafer as the Vice President and Head of North American Cyber Underwriting. Shafer will be responsible for assisting the company's business partners in effectively addressing cyber risk, both on a facultative and treaty basis. Brian Quinn, OdysseyRe's North American CEO, expressed his ... Read the full article
Beazley sponsors second cyber cat bond, secures $20m more reinsurance
25th May 2023
Specialty insurer and reinsurer, Beazley, has sponsored its second cyber catastrophe bond, adding $20 million of additional reinsurance protection via the issuance of Cairney II, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. In January, Beazley became the first to sponsor a cyber catastrophe bond when ... Read the full article
Global cyber and E&O insurance market shifts to buyer-friendly environment in 2023: Aon
24th May 2023
The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a period of substantial rate increases, suggests professional services firm Aon. This shift is attributed to several market factors that have contributed to a more favourable rate landscape for businesses worldwide. The ... Read the full article
Bishopsgate to utilise CyberCube’s Broking Manager software
23rd May 2023
Insurance broker Bishopsgate has announced it will utilise CyberCube’s Broking Manager software to "gain a competitive advantage" in the cyber insurance market. Broking Manager is the first Software-as-a-Service application CyberCube has built specifically for the insurance broking community. According to the firm, It offers a streamlined approach to analysing potential financial exposure ... Read the full article
Liberty Mutual Insurance appoints Patrick Thielen as Global Head of Cyber
22nd May 2023
Liberty Mutual Insurance Global Risk Solutions (GRS) has appointed Patrick Thielen as Global Head of Cyber. In the role, he will lead the development and execution of a cyber strategy that helps brokers and buyers across the globe better manage cyber exposure. At the same time, he will report to GRS Insurance ... Read the full article
Consilium appoints Tom Abbotts to lead new Cyber, Tech & Fintech division
22nd May 2023
Aventum Group's specialty re/insurance broking business, Consilium has announced the launch of a new Cyber, Tech and Fintech division, and has appointed specialist insurance broker Tom Abbotts, as Associate Partner to lead the division. Abbotts joins Consilium from Elmore Insurance Brokers where he was one of the founding members and led ... Read the full article
Vulnerable organisations 33% more likely to experience cyber claims: Coalition
18th May 2023
Policyholders with even one unresolved critical vulnerability are 33% more likely to experience a cyber claim, according to a recent report by cyber insurance provider Coalition. The 2023 edition of the Cyber Claims Report also confirmed human error or inaction as the top exploited attack vector, with organisations using end-of-life software ... Read the full article
Beazley report urges layered cybersecurity strategies to combat surging software vulnerability exploitation
17th May 2023
Specialist re/insurer Beazley has released its latest Cyber Services Snapshot report, emphasising the critical importance of implementing a layered "Defence in Depth" cybersecurity strategy to safeguard organisations against the escalating exploitation of software vulnerabilities. The report presents a comprehensive analysis of global incidents handled by Beazley's Cyber Services, shedding light on ... Read the full article
CFC hires Michael Phillips as Cyber Practice Leader
15th May 2023
CFC, the specialist insurance provider has appointed Michael Phillips as Cyber Practice Leader. In the role, Phillips will be based out of New York. As Cyber Practice Leader, Phillips will drive CFC’s cyber underwriting strategy and broker development in the US with a specific focus on CFC’s admitted cyber product. He joins CFC ... Read the full article
AXA XL welcomes 10 underwriting experts to strengthen cyber capabilities in Europe & APAC
15th May 2023
AXA XL Insurance, a division of global insurer AXA, has expanded its cyber capabilities in Europe and Australia with the addition of 10 cyber underwriting experts to the team across both regions. Sylvie Verdier joins the Switzerland team from Chubb where she most recently served as Cyber Practice Lead and Financial ... Read the full article
Coalition names John Coletti as head of Cyber Underwriting
15th May 2023
Cyber insurance provider Coalition announced the appointment of John Coletti as the Head of Cyber Underwriting. Coletti brings with him a wealth of experience from his previous role as the Head of Cyber Reinsurance at Swiss Re, one of the world's largest reinsurers. He held various other senior underwriting roles in AXA ... Read the full article
Mosaic partners with Safe Security to offer cyber insurance globally worth $20 million
12th May 2023
Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process. Read the full article
Beazley’s Q1 GWP rise 12% driven by solid growth in cyber & property lines
12th May 2023
Specialist re/insurer Beazley has reported that Q1 2023 gross written premiums increased by 12% YoY to $1.37 billion as the firm remains "confident of delivering strong growth and profitability." According to Beazley, its Cyber Risks class performed well with 24% growth in Q1 ($280 million of GWP), reflecting expansion in Europe ... Read the full article
Alta Signa adds Technical Head of Cyber Underwriting
12th May 2023
European boutique Managing General Agent (MGA) Alta Signa has expanded its cyber team with the addition of Mauro Marongiu as Technical Head of Cyber Underwriting Marongiu will be responsible for managing cyber business in Italy, and the wider European large and middle market. He brings significant technical expertise, having previously worked as ... Read the full article
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